Wheels India charts Rs. 85 crore capacity expansion.

TVS Group-promoted Wheels India Limited, a manufacturer of steel wheels, is planning to invest around Rs. 85 crore to augment its capacity, which would help the company meet the growing export demand for its products.

Srivats Ram, managing director of Wheels India Limited, said 40 per cent of the proposed investment would go into creating new capacity for the manufacture of large aluminum wheels, tubeless truck wheels, among others.

The company would continue to leverage its presence in select overseas markets and is targeting to increase the contribution of exports to its total turnover.

'We hope to raise the share of exports to 25 per cent of our revenues in the coming years, up from the present 20 per cent,' Ram said.

On the company's second quarter performance of the present fiscal, he said, net profit improved to Rs. 9.51 crore as against Rs. 8.73 crore in the year-ago period. Revenues saw a 10 per cent growth during the quarter to Rs. 516 crore, up from Rs. 469 crore in the year-ago period.

BS