IANSRepresentative image Chennai: Wheels India, a manufacturer of wheels for trucks, tractors, passenger vehicles, and construction equipment would be setting up wholly owned subsidiaries in the United States and Europe for business development and sales coordination, a top official said. The decision to set up the subsidiaries was against the backdrop of the businesses offering growth in the new geographies, Wheels India MD Srivats Ram said here on Wednesday. “We are looking at potential new business in Europe in the first quarter of next year and that is the reason for having people on the ground,” he told reporters. The expansion in the United States and European markets would be in the off-load business in construction and agri-tractor segments. Meanwhile, the company was also looking at increasing renewable energy from the current 26 per cent to 75 per cent by 2026. Wheels India reported a net profit for the July-September 2023 quarter at Rs 5.24 crore. The cit...

India’s love for larger, feature-rich vehicles, coupled with efforts being undertaken by stakeholders to deepen localisation, is turning into a boon for local autos parts makers with component sales in the country surging to a whopping $ 36.1 billion in the first six months of the current financial year. An increase in value of sales of components sold to automakers, aided by the shift in consumer preference to larger, more powerful vehicles across segments helped drive up revenues by 6.5% till September FY24, shows data available with industry body Automotive Component Manufacturers Association (ACMA). Auto component makers had reported turnover of $ 33.9 billion in the corresponding period of the last financial year.The share of utility vehicles in total sales of passenger vehicles in the Indian market grew to 57% in the first half of the current fiscal, from 49% in H1 FY23. In the commercial vehicle segment, the contribution of medium and heavy duty trucks and buses (MHCVs) inched ...