Steel Strip Wheels Ltd. called off the discussions regarding the establishment of a joint venture in India with an Israel-based global engineering company amid uncertainties due to the ongoing war in Gaza, according to an exchange filing.
SSWL had entered into a memorandum of understanding for the formation of a JV with Redler Technologies Ltd. in November 2022 for manufacturing and marketing of state-of-the-art motion control solutions for two, three and four-wheeled electric vehicles in India, it said.
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At a meeting on Thursday, the automotive wheels manufacturer's board said the decision to call off the discussions would be in the best interest of all the stakeholders. "The company understands the importance of the technical collaborations and shall remain committed to exploring new opportunities."
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Shares of SSWL closed 1.08% lower at Rs 225.25 apiece on the BSE, compared to a 0.43% advance in the benchmark Sensex.
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