ALSO READJapanese firm to pick up 26% stake in Wheels India subsidiary Board of Enkei Wheels India to consider preferential issue of shares to Enkei Corporation, Japan Wheels India standalone net profit rises 8.43% in the March 2017 quarter Wheels India 3qtr net more than doubles Enkei Wheels India reports standalone net loss of Rs 0.65 crore in the March 2017 quarter
In passenger car steel wheels business in IndiaWheels India and Topy Industries, Japan have reached an agreement regarding a strategic partnership in the passenger car steel wheels business in India, whereby Topy will invest a 26% stake in WIL Car Wheels, a wholly owned subsidiary of Wheels India. The investment will be made through new issue of equity shares by WCWL to Topy.
WCWL was set by WIL to carry on the passenger car steel wheel business in India. WIL has entered into agreements to transfer its entire passenger car steel wheel business carried out at its plants in Padi, Chennai and Bawal, Haryana, on slump sale basis, to the new company.
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