Steel Strips Wheels (SSWL), a producer of automobile wheel rims, said Thursday the company is setting up a specially designed hot rolling mill (HRM) at Seraikela, state of Jharkhand, for rolling of profile bar under the backward integration policy of the company. The total cost for setting up is approx. Rs 550 million.

Profile bar is the raw material for side ring, lock ring, requiring for the Truck Wheel Rim, presently the company is sourcing the profile bars from outside source.

The company expects to consume 75% of its production In-house and the remaining shall be sold to others wheels manufactures in the first 2 years.

Shares of the company gained Rs 4.8, or 1.46%, to settle at Rs 333.10. The total volume of shares traded was 13,511 at the BSE (Thursday).