Online BusinessSteel Strips Wheels bags order from Renault
Auto ancillary company Steel Strips Wheels today said it has received an order from European car maker Renault for supplying steel wheel rims, that would fetch the Indian company about euro 28 million (about Rs 195 crore).
- India Eco Summit: Strengthening public transport - Renault-Nissan finally signs ultra-low-cost deal with Bajaj - India Eco Summit: Bajaj, Renault-Nissan finalise venture - What went wrong with Logan - Global car market decline has plateaued: Ghosn - Sandero rings a Santro bell in Hyundai
The company is "expected to supply more than three million wheel rims in five years, which will lead to earning of foreign exchange of nearly euro 28 million (about Rs 195 crore) to the company," Steel Strips said in a filing to the Bombay Stock Exchange.
The steel wheel rims would be supplied for Renault"s upcoming project in Morocco. The company would start suppling steel wheel rims to Renault from last quarter of 2011 from its Chennai plant, the filing added.
Shares of the company reacted sharply and hit upper limit at Rs 96.75, up nearly 5 per cent from its previous close.