Chennai : Wheels India has started production of cast aluminium wheels at its new plant at Thervoy Kandigai, near here, and also started exporting it to the US market.
Addressing the shareholders of the company at the 62nd AGM here today,company Chairman S Ram said the passenger vehicle market is expected to show reasonable growth this year.
While the CV segment remains muted currently, he expected some recovery in the second half of the year, albeit of a low base.’
He said that the passenger vehicle market is expected to show reasonable growth this year. “The increasing adoption of aluminum wheels on passenger vehicles will limit the growth of steel passenger car wheels.
“We have started production of cast aluminum wheels at our new plant in Thervoy Kandigai, near Chennai and started export of these wheels to the US market.
Also, we are seeing a strong demand for forged aluminum wheels in export markets” , he said.
On exports, Mr Ram said the company has become an important supplier to the global wind energy business, manufacturing a number of structural components to the industry.
One of the important developments in FY21 was that the company had been able to increase its exports as a percentage of its sales to over 25 per cent.
“The growth in the global economy and opportunities in front of the company is likely to ensure that
this positive trend will continue”, he said.
“While our export business will grow, the domestic business should recover in the second half of the year”, he said.