Synergies Castings Limited, India’s leading aluminium alloy wheel manufacturer, has recently signed a MoU with Andhra Pradesh State Government. They are soon going to establish a major Greenfield aluminium casting, along with speciality alloy wheel, manufacturing facility in Visakhapatnam. This is expected to create approximately 2,000 new jobs in the city.
The manufacturing unit will have a capacity of an annual production of 2.4 million wheels per year. Along with machining, painting facilities and digital manufacturing technologies to offer its’ customers.
As reported by Deccan Chronicle, the project will be $100 million. It will be financed by one of the existing shareholders. Synergies Castings’new manufacturing unit, in Visakhapatnam, will be gearing up to meet the increasing demand of the market. They will be increasing their production capacity in the city to 5 million wheels in multiple phases. The agreement between Synergies Castings’, with Andhra Pradesh State Government, will set the stage for building one of the largest single location alloy wheel manufacturing projects.
Mr. Shekhar Movva, President, Synergies Castings commented, “As customer requirements become exceedingly more stringent, and the consequent need to invest in substantial CapEx for sophisticated production, testing, and development facilities, it is important to scale up and tech-up to remain competitive. While we have evaluated several manufacturing location options in the country, we believe that Vizag, and the terms of engagement with the State of Andhra Pradesh, offer the best opportunity to be the most competitive manufacturer of alloy wheels in the country.”