Wheels India to invest Rs 75 crore for expansion

Chennai, Nov 3 (IANS) Automotive wheels major Wheels India Ltd will be investing Rs.75 crore this year in capacity expansion, said a top company official on Thursday.

Speaking to reporters here, Managing Director Srivats Ram said the company will be investing around Rs 75 crore this year in expanding the aluminium wheels and windmill components capacity.

He said the expansion would reflect in higher volumes next year.

Wheels India closed the first half of the current fiscal with a net profit of Rs 27.69 crore as compared to Rs 17.04 crore logged in the corresponding period last year.

Revenues for the first half year ended September 30 went up 6.93 per cent to Rs 1,080 crore as compared to Rs 1,010 crore registered in the corresponding period last year.

On the outlook for the second half of the year Ram said it would be in line with the first half.