India’s Steel Strip Wheels & Israel’s Redler Technologies Launch EV Joint Venture

Chandigarh’s automotive components manufacturer, Steel Strip Wheels Ltd announced a joint venture with Redler Technologies of Israel for the research, production, and Indian market sales of motion controllers for electric vehicles.

These two enterprises have collaborated on EV controllers for two-, three-, and four-wheelers and have signed a memorandum of understanding to that effect, according to the MoU document.

Redler’s access to cutting-edge technology will work in harmony with the company’s industrial capacity, broad consumer base, and strong Indian presence.

According to the filing, Redler designs develops and produces servo motion control systems, intelligent circuit breakers, and power distribution systems in contrast to Steel Strip Wheels, which manufactures automobile wheels. The Make-In-India program aims to bring cutting-edge technology items.

In October 2022, the maker of steel and alloy wheel rims generated a net turnover of Rs 334.4 crore, up from Rs 300.58 crore in the corresponding month of the previous year. The company reported that holiday retail demand was reasonably robust in all segments during the period and anticipates that the trend will continue. Additionally, income from the alloy wheels segment doubled in October 2022, while exports increased by 84%.
Steel Strips Wheels’ top line increased by about 13% for the September quarter compared to the same period last year, but its net profit fell to Rs 54.6 crore from Rs 62.8 crore. At Rs 162.60, shares of Steel Strips Wheels are currently trading 3 percent higher.

Steel Strip Wheels Ltd. previously reported that its gross turnover has increased by 25.43% to Rs 445.42 crore in September 2022. The company’s alloy wheels section had a growth of 156% in September 2022, while the passenger car segment saw a growth of 117%. The exports fell by 76%.