Steel Strips Wheels announced that its Board of Directors has approved a proposal to set up a greenfield manufacturing plant in Chhatrapati Sambhajinagar, Maharashtra, with an estimated expenditure of Rs 1,400 crore.
The capital expenditure will be deployed over a period of 60 months and will be funded through a mix of debt and internal accruals. The facility will add initial production capacities of 1.3 million alloy wheels per annum, 2.5 million steel wheels per annum for passenger vehicles and off-the-road equipment, and 1.6 million strokes per annum for a hot stamping line catering to passenger vehicle structural body parts.
The strategic selection of Chhatrapati Sambhajinagar establishes a manufacturing base within Maharashtra's expanding secondary automotive belt, which houses major OEMs such as Skoda Auto Volkswagen India, Audi India, and Bajaj Auto, with JSW recently setting up a Rs 2,500 crore plant for electric commercial vehicles.