Japanese firm Topy Industries to pick up 26% stake in Wheels India subsidiary
JuneCooper 
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Chennai: Wheels India Ltd, a TVS Group company, today said Japan’s toppy Industries acquired a “minority stake” in its subsidiary Wheelss India Car Wheels Ltd, subject to regulatory approvals.
Wheels India and Topy Industries Japan have entered into a partnership through a ‘Strategic Collaboration’ agreement in the passenger car steel wheel business. Under the agreement, Topy Industries will acquire Wheels India Car Wheels Ltd, a wholly owned subsidiary of WIL, which today (WCWL) means it owns 26% of the shares.
Wheels India reported revenues of Rs 224.3 crore for FY2017.
“The equity capital of WCL is Rs 50 crore. topy Rs 800-900-900-900-900-900-900-900-900 crore.” Srivats Ram, Executive Director, Wheels India Ltd.
“The new company (formed after the merger) will have five board members, three from Wheels India, one from Topy Industries and one independent director,” he told reporters.
He said Wheels India has gone through a five-year technical partnership with Topy Industries and “under this partnership, a new greenfield plant will be set up in Gujarat.”
“The capacity of steel wheels for passenger cars is about 1.5 crore in 2018, which could happen,” he said.
“Wheels Cars Wheels Ltd. will strengthen its overseas passenger car business through this partnership. This partnership will help boost the growth of our passenger car business.”
He said that Indian wheels currently account for 43% market share in the passenger car steel wheel segment.
Topy Industries Ltd sales amounted to 20 Production of steel wheels for automobiles $ 100 million, with production facilities in Japan, the United States, China and Mexico.
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