South Korea’s GS Global Corp intends to invest USD 5 million in India’s Steel Strips Wheels. According to a top official at Steel Strips, This investment comes within a month of the Indian firm selling some of its stake to Japan’s Sumitomo Metal Industries.
Steel Strips makes wheel rims for auto makers. According to Managing Director Dheeraj Garg, it plans to use the funds to expand capacity at its Jamshedpur plant in Jharkhand. The deal will be signed on December 15. Dheeraj Garg said that “We will be expanding our project at Jamshedpur from 1 million units to 1.6 million.”