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With Titan Europe Exiting Wheels India Eyes Bigger Pie In The Global Market

Covid-19 has indeed re-jigged the world of business. And, it has realigned relationships as well in several instances. For some, this has turned out to be a new opportunity. One of the big things that happened last year at India’s largest auto component manufacturer Wheels India was the exit of Titan Europe by selling its stake to TVS group. With its exit, Wheels India, part of the TVS Group, can now sell all its products anywhere it wants. When Titan was around, the Chennai-based company had restrictions on where it could do business. A quarter of its turnover comes from exports. Having got out of the Titan bandwagon, Wheels India, led by managing director Srivats Ram, is now feeling free and is very much keen to explore its new found-freedom internationally. It is now eyeing a bigger pie in the global space. And, it has quietly moved toward realising this. A Rs 140-crore cast aluminium wheel plant is, in fact, the result of the de-risking strategy of a U.S. customer who has already committed off-take. A windmill project is currently underway. This too is the consequence of a strategic partnership with a windmill supplier who has decided to build a global base for his product in Chennai. A good portion of its Rs 100-crore capital expenditure will go into this new wind mill plant.