Wheels India Ltd, a manufacturer of steel wheels and cast iron-wheels has infused 50,000 euros into its newly formed entity and subsidiary WIL Europe GmbH, the company said on Sunday.
The subsidiary WIL Europe GmbH is in the process of formation and is yet to commence operations. It is being developed to expand and do business activities in Europe, Wheels India said.
'We wish to inform you that the company has infused funds Euro 50,000 towards the equity share capital of WIL Europe GmbH proposed to be incorporated in the name of WIL Europe GmbH, a wholly owned subsidiary of the company,' Chennai-based Wheels India said in a regulatory filing.
The company would be engaged in automotive-non-automotive related activities and services, and also in supply chain management and other allied services. The capital infusion was through a cash consideration of 50,000 equity shares having a face value of Euro 1 each, the company said.
In May, Wheels India said it has earmarked Rs 250 crore as capital expenditure for the current financial year, with the majority of it being set aside for manufacturing windmill components.
For the financial year ending March 31, 2025, the company reported a net profit of Rs 105.9 crore, as compared to Rs 67.9 crore registered in the previous financial year.
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