Wheels India Ltd, a prominent manufacturer of steel wheels for various vehicles including trucks, agricultural tractors, passenger vehicles, and construction equipment, has earmarked ?2 billion for capital expenditure in the current financial year. This significant investment will be directed towards enhancing their capabilities in offloading tractors, construction equipment, and cast aluminum machining for windmill casting segments, according to Managing Director Srivats Ram.

The announcement comes on the back of a robust financial performance, with Wheels India reporting a 64.3% increase in net profits for the March 2024 quarter. The company?s profits surged to ?368 million, compared to ?224 million in the same quarter last year.

This strategic move is expected to bolster Wheels India's production efficiency and expand their market footprint in the targeted segments, reinforcing their position in the competitive automotive and construction equipment sectors.