Agreement enables manufacturing technology transfer for hydraulic cylinders business expansion.
29 Sep 2025 | 1795 Views | By Shruti Shiraguppi
Wheels India Limited has entered into a technical agreement with SHPAC, a South Korean hydraulics cylinder manufacturer, for technology transfer in manufacturing as the Chennai-based company seeks to expand its hydraulic cylinders business segment identified as a strategic growth area.
The technology transfer agreement with SHPAC, which has decades ...
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Wheels India Limited has entered into a technical agreement with SHPAC, a South Korean hydraulics cylinder manufacturer, for technology transfer in manufacturing as the Chennai-based company seeks to expand its hydraulic cylinders business segment identified as a strategic growth area.
The technology transfer agreement with SHPAC, which has decades of experience in hydraulic cylinder manufacturing and global exports, is expected to create new growth opportunities for Wheels India in the global hydraulic cylinder industry.
Commenting on the hydraulics cylinder business, Srivats Ram, MD, Wheels India said, "It has been our stated intent to focus and grow the hydraulics cylinder business significantly over the next few years. We believe this business segment has potential to be an important growth driver for Wheels India globally, going forward."
Ram added that the company, which is a leading manufacturer of wheels for the construction equipment global industry and has been expanding its presence in Europe and North America, expects to leverage the technology transfer by accessing existing customers and will continue to invest in the hydraulic cylinder business as opportunities arise.
Specifically on the agreement, Ram said, "SHPAC is a leading manufacturer of hydraulic cylinders in South Korea with a successful track record over the last few decades in this business exporting their products worldwide. Our technical technology transfer agreement with them is expected to create new growth opportunities for Wheels India in the global hydraulic cylinder industry and we expect this to give a fillip to our drive to grow this business over the next few years."
The company crossed the Rs 100 crore net profit milestone last year. For the quarter ended June 30, 2025, Wheels India registered a net profit of Rs 26.44 crore on revenues of Rs 1,187 crore, with export revenues exceeding Rs 300 crore.
Wheels India manufactures wheels for trucks, agricultural tractors, passenger vehicles and construction equipment, along with air suspension systems for trucks and buses, and industrial components for the construction and windmill industry. The company operates manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand.
The company is part of the TSF (Trichur Santhanam Family) Group, which traces its heritage to 1936 and comprises companies with combined revenue exceeding Rs 26,000 crore, 42,000 employees, 1,200 branches, and 36 factories across automotive and financial services sectors.
The hydraulic cylinder market has been experiencing growth driven by increased demand from construction equipment, agricultural machinery, and industrial applications. Technology partnerships and manufacturing agreements have become common strategies for companies seeking to expand their capabilities and market reach in specialized engineering segments.