Wheels India bullish on overseas prospects in hydraulic cylinder biz

Chennai, Sep 30 (PTI) Auto-components maker Wheels India has signed a technical agreement with SHPAC (SHINHUNG Precision Machinery Company Ltd), a leading hydraulics cylinder manufacturer in South Korea, to facilitate a technology transfer in manufacturing.

The city-headquartered Wheels India has identified hydraulic cylinders segment, as one of the strategic growth areas and this collaboration is expected to drive its growth further in this segment.

In a press release on Tuesday, company MD Srivats Ram 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, going forward." Wheels India, which is a leading manufacturer of wheels for the construction equipment global industry, has been expanding its presence in Europe and North America, he noted.

"We expect to leverage the technology transfer by accessing existing customers and will continue to invest in the hydraulic cylinder business as opportunities arise." On the technical agreement, he said, "SHPAC is a leading manufacturer of hydraulic cylinders in South Korea with 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," he added. PTI VIJ ROH