Steel Strips Wheels Ruled Ineligible for Auto PLI Scheme After JV Plan Called Off

Steel Strips Wheels Ltd ( (IN:SSWL) ) just unveiled an announcement.

Steel Strips Wheels Ltd has announced that it has become ineligible under the Government of India’s Production Linked Incentive scheme for the automobile and auto component sector. The company had earlier planned a joint venture in India with Israel-based Redler Technologies to develop and manufacture motion control solutions for electric two-, three- and four-wheelers, a product category qualifying under the scheme, but its board decided in August 2024 to call off the JV discussions due to the war situation in Israel. Despite subsequent efforts, Steel Strips Wheels was unable to identify other scheme-listed products that were viable for investment, while its current investments are focused on products outside the scheme’s eligible list, leading to the invocation of its bank guarantee and disqualification from the scheme. The company expressed appreciation for government support and indicated it remains open to participating in similar initiatives if conditions allow.

More about Steel Strips Wheels Ltd

Steel Strips Wheels Ltd is an India-based manufacturer in the automotive sector, specializing in wheels and related components for two-, three- and four-wheeler vehicles. The company focuses on supplying products to the automobile and auto components market and aligns its investments with long-term automotive industry trends, including electrification.

Average Trading Volume: 11,655

Technical Sentiment Signal: Buy

Current Market Cap: 31.2B INR

See more data about SSWL stock on TipRanks’ Stock Analysis page.