Last week, Steel Strips Wheels had received orders worth over USD 209,000 (about Rs 1.56 crore) for the US truck and caravan trailer market. It had also received orders worth over USD 1.3 million (about Rs 9.76 crore) for 1.16 lakh wheels for the US caravan trailer market.
The future of manufacturing is not going to be a simple question of ordering from one country instead of other, Sehgal said while speaking at the ET Global Townhall. The pandemic has revealed that to be a successful global supplier, companies will have to follow the philosophy of globally local manufacturing.
In a regulatory filing, the company said it has bagged "export orders for over 6,000 wheels for the US truck and caravan trailer market to be executed in August from its Chennai plant". Steel Strips Wheels Ltd (SSWL) said the orders are worth USD 2,09,000.
In a regulatory filing on Monday, Steel Strips Wheels Ltd (SSWL) said it "has bagged firm export orders for over 1,45,000 wheels for the US caravan trailer market, to be executed in the month of September with a value of over USD 1.5 million, from its Chennai plant".
Tsuzuki is the third Japanese company after Panasonic and Denso to invest in MET Jhajjar, which is one of the 12 sites identified by the Japanese government to develop industrial townships in India. METL CEO and whole-time Director Shrivallabh Goyal said, the investment by Tsuzuki India will improve trade relations between India and Japan.
Earlier this week, Steel Strips Wheels had bagged orders worth USD 1 million for over 1.19 lakh wheels for the US caravan trailer market. SSWL had recently also bagged long term orders worth Rs 3,750 crore through domestic customer supply programmes.
According to the report, the domestic OEMs, which account for over two-thirds of the sector's revenue, are staring at a decadal low vehicle sales volume at 169 lakh units this fiscal with the production schedule of the manufacturers likely to remain modest in the first two quarters of the fiscal followed by a gradual recovery, Crisil Ratings said.
According to the Automotive Component Manufacturers Association of India (ACMA) import consignments from China were being subjected to one-hundred per cent manual inspection resulting in inordinate delays in clearance.
In 2018-19, the Indian auto component industry's revenue stood at USD 57 billion, contributing 2.3 per cent to the country's gross domestic product. In comparison, turnover of Chinese auto component industry stood at USD 550 billion last year.
After extensive deliberations and considerations on the current and future cash flow requirements of MKTSN clubbed with COVID 19 pandemic impact, the Board of Directors decided not to undertake further financial exposure in MKTSN and advised that the capital be allocated for growth and profitable business opportunities.
The company however, said the reduced amount will be paid back to the employees under 'Business Performance Linked Pay' (BPLP) in the next financial year if the businesses recover and get back to the required levels of performance.