Automobile component manufacturer 'Steel Strips Wheels Limited' (SSWL) Friday said it had started exports of steel wheels to German carmaker Audi from Dec 30 from its Chennai factory.

"The company has begun exports to Audi on Dec 30, 2011 from its Chennai factory. The said business was awarded by Audi to the company in July 2010," 'Steel Strips Wheels' said in a regulatory filing.

"The awarded business has a potential of exports worth over $38 million (Rs.2,026 million) over a 5 year period," it added.

At the Bombay Stock Exchange, the shares of the company were up by 5.21 percent to trade at Rs.185.85.

Steel Strips Wheels manufactures automotive steel wheels for passenger cars, multi-utility vehicles, tractors, trucks, OTR vehicles, and two- and three-wheelers.