Steel Strips Wheels bags order worth Rs 110 crore from French auto major Renault SA

Steel Strips Wheels Limited, a part of the Steel Strips Group, has secured an order valued at Rs 110 crore from France-based, Renault SA for supply of about 1 million steel wheel rims over 5 next years.

Renault SA is one of the largest manufacturer of cars in Europe and the leading manufacturer of light commercial vehicles.

This export order is for one of their new vehicles to be produced in Europe.

Steel Strips Wheels manufactures and sells single piece steel wheel rims for scooters, passenger cars, utility vehicles, and tractors in India. It also exports its products to Europe and North America.

The Company expects its exports to grow over 200% in FY 08-09 and hopes to cross Export of 4,25,000 Wheels Rims in Fiscal 2008-09.

At 2.40 p.m., Shares of Steel Strips were up by 2 percent at Rs 172 on the BSE. It touched an intraday high of Rs 179 and low of Rs 170.