Wheel India Ltd (WIL) of the TVS group and Topy Industries Ltd of Japan have expanded their technical collaboration in the passenger car steel wheel business into an equity relationship.
Established in 1962, Wheels India Limited is company promoted by TVS Group. It is a leading manufacturer of steel wheels for cars, trucks, tractors, and construction and mining equipment; forged aluminium wheels for trucks; air suspension systems for buses and trucks, and components for energy equipment. The company reported a turnover of Rs. 2,176 Crores in FY 2017 and Profits After Tax of Rs 59.31 Crores. The Company has manufacturing plants at Padi (Tamil Nadu), Pune, Rampur (Uttar Pradesh), Bawal (Haryana), Sriperambudur (Tamil Nadu) and Pantnagar, with a combined overall annual capacity of 16 million wheels and a diversified customer base with over 30 customers globally. Wheels India Limited is currently having a market cap of Rs 2,316 Crores. Wheels India Limited currently has 43% market share in passenger car steel wheels’ category.
Japan headquartered Topy Industries Limited, is a leading manufacturer of steel wheels for cars, trucks, construction and mining equipment, amongst other products. Topy has facilities to manufacture steel wheels for passenger cars in Japan, US, China and Mexico.
Note: WIL Car Wheels Limited WOS of WIL, is incorporated for undertaking the manufacture of passenger car steel wheels. The company was incorporated in 2017 and is based in Chennai, India with a paid-up share capital of Rs 3.70 crore. WCWL is yet to commence its business operations
The transaction for sale consists of two parts:
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