CHENNAI: Auto components maker Wheels India Ltd on Monday said it has signed a significant technical agreement with South Korea's SHPAC, a hydraulics cylinder manufacturer, for technology transfer in manufacturing.
Srivats Ram, MD, Wheels India said, “It has been our stated intent to focus and grow the hydraulics cylinder business significantly over the next few years. We believe this business segment has potential to be an important growth driver for Wheels India globally. Wheels India has been expanding its presence in Europe and North America. We expect to leverage the technology transfer by accessing existing customers and will continue to invest in the hydraulic cylinder business as opportunities arise.”
Srivats said, “SHPAC has a successful track record over the last few decades in this business exporting their products worldwide. Our technical technology transfer agreement with them is expected to create new growth opportunities for Wheels India in the global hydraulic cylinder industry and we expect this to give a fillip to our drive to grow this business over the next few years.”
Last year, the company crossed the milestone of Rs 100 crore in net profit. For Q1 ended 30th June 2025, Wheels India registered net profit of Rs 26.44 crores on revenues of Rs 1,187 crore with export revenues crossing the Rs 300 crore mark.
Wheels India is a leading manufacturer of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment; air suspension systems for trucks and buses, and industrial components for the construction and windmill industry with manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand.