
South Korean alloy wheel maker to invest $2 mn in Indian firm
South Korean alloy wheel manufacturer Kalink Co. Ltd will invest up to $2 million by subscribing equity shares in Chandigarh-based automobile wheel rim supplier SSWL (Steel Strips Wheels Ltd). Kalink, having manufacturing facilities in Korea and China, has the annual capacity to produce 4.5 million wheel rims and it caters to major automobile multinational companies like Volkswagen, Nissan and Chrysler. “Kalink Co. Ltd have agreed to invest an amount equivalent to $2 million by subscribing equity shares in SSWL as per applicable Acts, rules and regulations and as per the terms and conditions as may be mutually agreed between both the parties,” the Indian company said in a statement on Monday. Meanwhile, the two companies have also agreed to set up an alloy wheel manufacturing facility at Mehsana, Gujarat. The new facility will have an initial capacity of making 1.5 million alloy wheel rims per annum with sizes ranging from '14 to 19'. “This is to address the growing demand of alloy wheels from OEM (Original equipment manufacturer) vs. the current supply and expected capacity in the next five years and also India's strategic advantage in exporting these wheels,” SSWL said in another statement.
September 21, 2015 | 12:55pm IST.