Indian steel wheel maker Wheels India, part of the TVS group, has announced that it plans to invest Rupees 450 million ($9.2 million) in the establishment of a steel structural plant in Deoli in the Wardha district of Maharashtra.
The new plant, which will manufacture steel structural parts used in power plants, will have a designed annual capacity of 50,000 mt. The facility is expected to commence commercial production in the second quarter of financial year 2009-10.
The site for the plant in the Wardha district has been leased from the Maharashtra Industrial Development Corporation.
Wheels India is a steel wheels manufacturer for automobiles, construction equipment and agricultural tractors. The company is also drawing up a new business plan due to the downturn in the automobile market.