Steel Strips Wheels inks pact with Redler Technologies, Israel to sell EV controllers

22 Nov 2022 , 01:45 PM

Steel Strip Wheels Limited and Redler Technologies Ltd., an Israel-based company, are pleased to announce the signing of a Memorandum of Understanding (MOU) to establish a joint venture in India focused on the development, manufacturing, and marketing of innovative, cutting-edge motion control solutions for two, three, and four-wheeled electric vehicles.

SSWL is the world’s leading automotive wheel manufacturer, and it will spearhead the effort to support EV market product penetration.

Redler Technologies is a multinational engineering firm that develops and manufactures patented, cutting-edge servo motion control systems, intelligent circuit breakers, and power distribution systems.

This collaboration will leverage SSWL’s manufacturing capabilities, large customer base, and strong presence in India, as well as Redler’s access to advanced technology, to significantly contribute to India’s Atmanirbhar Bharat theme. This will aid in the introduction of cutting-edge technology products with the goal of promoting Make In India-Make For The World.

At around 1.49 PM, Steel Strips Wheels was trading at Rs161.35 up by 2.18% from its previous closing of Rs157.90 on the BSE. The scrip touched intraday high and low of Rs164.90 and Rs156.35 respectively.

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