Wheels India inks tech transfer pact with South Korea's SHPAC for hydraulics cylinder mfg

New Delhi, Sep 29 (PTI) 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.

The pact is expected to drive growth further in the hydraulic cylinders segment, which the company has identified as one of the strategic growth areas, Wheels India Ltd said in a regulatory filing.

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 its products worldwide, Wheels India MD Srivats Ram said.

"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.

Stating that it has been the company's stated intent to focus and grow the hydraulic cylinder business significantly over the next few years, Ram said, "We believe this business segment has potential to be an important growth driver for Wheels India globally, going forward." The company, a leading manufacturer of wheels for the global construction equipment industry, 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," Ram noted.

The company manufactures wheels for trucks, agricultural tractors, passenger vehicles and construction equipment, besides air suspension systems for trucks and buses, and industrial components for the construction and windmill industry. It has manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand. PTI RKL SHW