Net profit of Wheels India declined 9.80% to Rs 12.98 crore in the quarter ended June 2017 as against Rs 14.39 crore during the previous quarter ended June 2016. Sales rose 5.60% to Rs 563.87 crore in the quarter ended June 2017 as against Rs 533.96 crore during the previous quarter ended June 2016.

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Wheels India and Topy Industries, Japan have reached an agreement regarding a strategic partnership in the passenger car steel wheels business in India, whereby Topy will invest a 26% stake in WIL Car Wheels, a wholly owned subsidiary of Wheels India. The investment will be made through new issue of equity shares by WCWL to Topy.

WCWL was set by WIL to carry on the passenger car steel wheel business in India. WIL has entered into agreements to transfer its entire passenger car steel wheel business carried out at its plants in Padi, Chennai and Bawal, Haryana, on slump sale basis, to the new company.

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Wheels India announced that the Board of Directors of the Company at its meeting held on 16 June 2017 has approved and agreements have been entered into for (a) the slump sale of its passenger car steel wheels business undertaken at Padi, Tamil Nadu and Bawal, Haryana to WIL Car Wheels, its wholly owned subsidiary; and (b) the subsequent investment by Topy Industries, Japan into WCWL pursuant to which Topy shall acquire a 26% stake in WCWL.

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Wheels India announced that the Board of Directors of the Company at its meeting held on 29 May 2017, inter alia, have recommended the final dividend of Rs 8 per equity Share (i.e. 80%) , subject to the approval of the shareholders.

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