Mumbai: Auto ancillary company Steel Strips Wheels Wednesday said it has bagged a Rs110 crore order from French auto major Renault for supply of steel wheel rims.
The company would supply about one million steel wheel rims for Renault’s new vehicle to be produced in Europe, the domestic auto parts maker said in a filing to the Bombay Stock Exchange.
“Renault, one of the largest manufacturer of cars in Europe and leading maker of light commercial vehicles, has given an export order valued at about Rs110 crore to the company for supply of wheel rims for over five years,” Steel Strips said.
It plans to export over 4.25 lakh wheels rims in the financial year 2008-09, the filing added.
The sales of the firm grew by 31% to 5.53 lakh wheel rims in March, as against 4.23 lakh in the corresponding period in 2007.
Further, the production of the company touched 5.56 lakh in March, as compared to 4.27 lakh wheel rims in the corresponding period last year, a growth of 30%.
Shares of Steel Strips were trading at Rs175, up 3.80% on the BSE.