Wheels India Inks Pact with South Korea's SHPAC
Wheels India has entered into an important technical agreement with SHPAC, a top manufacturer of hydraulic cylinders in South Korea, which involves a transfer of technology in manufacturing.
Wheels India recognizes hydraulic cylinders as a key growth area, and this agreement is anticipated to further boost its expansion in this sector, according to reports.
Regarding the Hydraulics Cylinder sector, Srivats Ram, MD of Wheels India mentioned, “We have announced our intention to substantially concentrate on and expand the hydraulics cylinder business in the coming years. We think this business segment can become a significant growth engine for Wheels India worldwide in the future."
"Wheels India, a prominent producer of wheels for the global construction equipment sector, has been increasing its footprint in North America and Europe. We anticipate utilizing the technology transfer by reaching out to current customers and will maintain our investment in the hydraulic cylinder sector as opportunities present themselves," adds Srivats Ram.
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SHPAC is a prominent producer of hydraulic cylinders in South Korea, boasting a successful history over the past few decades by exporting their products globally. He mentioned that the technical technology transfer agreement with them is anticipated to generate fresh growth avenues for Wheels India in the worldwide hydraulic cylinder market, and we believe this will boost our efforts to expand this business in the coming years.
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Wheels India is a prominent producer of wheels for trucks, agricultural tractors, passenger vehicles, and construction machinery; air suspension systems for buses and trucks, and industrial parts for the construction and wind turbine sectors, with factories located in Tamil Nadu, Maharashtra, Uttar Pradesh, and Uttarakhand.
The company achieved the landmark of Rs.100 crores in net profit last year. In Q1 ending June 30, Wheels India announced a net profit of Rs.26.44 crores on total revenues of Rs. 1,187 crores, with export revenues exceeding Rs.300 crores.
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At the moment of submitting this report, the company's shares on the NSE increased by 2 percent to Rs.882.40.