Steel Strips to set up 0.5 mn rims plant; stock down

MUMBAI: Steel Strips Wheels is planning to set up 0.5 million capacity truck wheel rims plants in its existing facility in Chennai. This plant would cater to the requirement of Daimler Crysler, Ashok Leyland apart from Tata Motors.

Also SSWL is currently negotiating large contract in export segment with Global OEM. The proposed truck wheel rims plant is expected to be commissioned by March 2012.

The stock was at Rs 284.35, down 3.63 per cent on the BSE. It touched a high of Rs 297.95 and low of Rs 282 in trade so far.