Steel Strips Wheels receives order from Renault
Steel Strips Wheels, leading auto accessory company has announced that it has pocketed an order from Europe-based car manufacturer Renault. The order has been awarded for 100% supply of steel wheel rims for Renault's approaching greenfield project in TANGER, Morocco.
In a declaration, Steel Strips Wheels said that from last three month period of fiscal 2011, the company will commence supplying steel wheel rims from its Chennai facility to Renault.
Functionaries of Steel Strips Wheels stated in a communiqué that the company likely to supply more than 3 million wheel rims in 5 years, which will contributes to earning of foreign exchange of nearly Euro 28 million to the company. Shares of the company reacted sharply and hit upper limit at Rs 96.75, up nearly five per cent from its previous close.