Japanese corporation Sumitomo Metal Industries, Ltd. (Sumitomo Metals) has decided to invest in Steel Strips Wheels Limited (SSWL), the largest manufacturer of automotive steel wheels in India. The invested capital will be used for SSWL's capacity expansion.
Ring Techs Co., Ltd, a fully-owned subsidiary of Sumitomo Metals, has provided technical assistance to SSWL since 1997.
The investment in question, totaling INR 442 million ($9.63 million), will be realized on December 10, 2010. The percentage of the invested equity stake will be 5.88 percent
With this equity investment, Sumitomo Metals Group aims to strengthen its relationship with SSWL and raise its presence in India's growing automotive market, the company said.