Wheels India and Topy Industries Japan have reached an agreement regarding a "strategic partnership" in the passenger car steel wheels business. As per the agreement, Topy Industries would acquire a 26 per cent stake in Wheels India Car Wheels Ltd (WCWL), a wholly owned subsidiary of WIL, the company said today.
"The new company (that would be formed following the partnership) would have five member board comprising three from Wheels India, one from Topy Industries and one an Independent Director", he told reporters.
"This is likely to come up in 2018 with a capacity of around 1.5 million passenger car steel wheels", he said.
"Wheels Cars Wheels Ltd will strengthen its overseas passenger car business through this partnership. This partnership will help drive growth in passenger car business".
Topy Industries Ltd with revenues of USD 2 billion is engaged in manufacturing of steel wheel for automobiles. It has production units in Japan, US, China and Mexico.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)