Steel Strips wins $4.5-mn Canadian order

The company will supply 175,000 wheels to Canada's passenger car aftermarket

Steel Strips Wheels (SSWL) has entered the North American market by securing an order worth $4.5 million (around Rs 29 crore) to supply 175,000 wheels to Canada's passenger car aftermarket.

The wheels will be shipped by the end of June 2015, Steel Strips Wheels (SSWL) said in a filing to BSE.

"This order volumes are expected to go up to 40,000 wheels next year with a total value of around $1 million per annum. The programme will run for five years, potentially resulting in volumes of 175,000 and revenue addition of 4.5 million dollar," it added.

Besides, the company said it is in advance stage of securing an order from Polish aftermarket for passenger car wheels.

"This complements SSWL's strategy to increase its presence for the global aftermarket requirements," the company said.

SSWL was trading at Rs 322.30 on BSE, up 6.72 per cent, from the previous close.