New Delhi, Sep 29 (KNN) Chennai-based Wheels India has entered into a technology transfer agreement with SHPAC, a prominent hydraulic cylinder manufacturer from South Korea.

The partnership aims to strengthen Wheels India’s position in the hydraulics segment, which the company has identified as a key growth area.

Srivats Ram, Managing Director of Wheels India, highlighted the company’s long-term focus on expanding its hydraulics cylinder business. “We believe this segment has the potential to become a major global growth driver for Wheels India in the coming years,” he said.

With this collaboration, the company plans to leverage advanced technology to enhance its product offerings and tap into existing customer networks, particularly in international markets such as Europe and North America.

Wheels India has been performing strongly in recent years. The company crossed the Rs 100 crore net profit milestone last year.

For the quarter ending June 30, it posted a net profit of Rs 26.44 crore on revenues of Rs 1,187 crore. Export revenues crossed Rs 300 crore, reflecting its growing international footprint.

SHPAC, with decades of expertise and a strong global presence in hydraulic cylinder manufacturing, is expected to provide Wheels India with the technical know-how required to scale up in this segment.

Ram noted that this collaboration would open new opportunities worldwide and accelerate the company’s drive to expand its hydraulics business.

Beyond hydraulics, Wheels India manufactures wheels for trucks, tractors, passenger vehicles, and construction equipment. It also produces air suspension systems for buses and trucks, along with industrial components for the construction and windmill sectors.

The company operates manufacturing facilities across Tamil Nadu, Maharashtra, Uttar Pradesh, and Uttarakhand.