India’s leading aluminium alloy wheel manufacturer, Synergies Castings Limited has signed a MoU with Andhra Pradesh government to start a major Greenfield aluminium casting and speciality alloy wheel manufacturing facility in Vizag and to bring in to existence 2,000 jobs.
This new Greenfield facility with yearly production capacity of 2.4 million wheels per year, benchmarked at 18 inch wheel size will have the painting facilities, sophisticated casting, and machining installed digital manufacturing technologies to offer its customers the best products with reasonable prices.
Photo Source: Deccan Chronicle
The project expenditure is $100 million will be financed by the existing shareholders, bank debt and accruals. With the auto industry poised to see a vital growth in couple of years, and the increased penetration of alloy wheels in India.
This agreement with Andhra Pradesh government put in a specified place the stage for building one of the largest single location alloy wheel manufacturing projects, with purpose to expand this to 5 million wheels in multiple phases.
Shekhar Movva, president, commented, “As customer needs become exceedingly more demanding. In the period of time we have evaluated many manufacturing location options in the country, we believe that Vizag, and the terms of engagement with the state of Andhra Pradesh offers the best chance to be the major competitive manufacturer of alloy wheels in the country.”