WIL Car Wheels

WIL Car Wheels Limited (“Company”) was incorporated on June 7, 2017 as a Public Limited Company domiciled in India and as a Subsidiary of Wheels India Limited. The Company is primarily in to the business of manufacture and distribution of Passenger Car Steel Wheels. As part of Business Strategy, on June 16, 2017, a tripartite Share Holders Agreement has been entered in to between the Company, Wheels India Limited and Topy Industries Limited, Japan and accordingly the Light Passenger Car Wheel Segment (PCW) of Wheels India Limited has been divested to the Company. A Business Slump Sale agreement has also been entered in to on June 16, 2017 for the transfer of its business at Padi and Bawal which has PCW operations. Wheels India Limited holds 74% and Topy Industries Limited, Japan hold 26% of the share capital of the Company. The Registered office of the Company is at MTH Road, Padi, Chennai – 600 050. The accounts are prepared for the first time for the period from 07th June 2017 to 31st March 2018. Hence previous year’s figures have not been furnished. As per Business Slump Sale Agreement entered by and among the Company, Wheels India Limited (Chennai) and TOPY Industries Limited (Japan), the passenger car wheel business at Padi (Chennai) and Bawal (Haryana) has been transferred to the Company by Wheels India Limited on Slump Sale basis with effect from 01 September 2017. The effect has been given in the annexed accounts.