 "Representative image")
Wheels India Ltd, manufacturers of wheels for automobiles on Thursday said it expects the demand for cast aluminium wheels to grow this year, according to a top company official.
The company managed to breach the milestone of Rs 1,000 crore in its exports last year. The foundation has been built to grow the exports market along with customers in the coming years, company Chairman S Ram told shareholders at the 63rd annual general body meeting here.
Wheels India was able to increase its production of forged aluminium wheels for sale in Europe and in the United States, he said.
"Last year, we saw the first full year of production of cast aluminium wheels from the new plant at Thervoy Kandigai (near Chennai). The wheels are sold to the largest aftermarket distributor of cast aluminium wheels in the world," he said.
"The demand is expected to grow this year", he said.
The company witnessed a strong revival in the construction equipment industry last year as demand in most 'economies' registered a recovery post-COVID-19 pandemic and the demand was expected to remain strong this year, Ram said.
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On the wind-mill segment, he said Europe was facing an energy crisis following the Russia-Ukraine conflict. He said it should improve the prospects for the global windmill industry where Wheels India supplies its parts.
The Chairman said Wheels India recorded some growth in the commercial vehicle segment and demand for small, light, intermediate and heavy commercial vehicles was increasing after steep decline witnessed for two years due to the outbreak.
The automotive industry should see an improvement this year with 'moderation of commodity inflation' and 'improving availability' of parts, he said.
Referring to the merger of Sundaram Hydraulics with Wheels India following the approval from the Board, he said, it was likely to help grow hydraulic products manufactured by the Sundaram Hydraulics for construction industry where Wheels India has a strong strategic relationship with customers.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
