Aluminum wheel maker Superior Industries International Inc. on Tuesday said it acquired 8.7 percent of the shares of Indian competitor Synergies Castings Ltd. and plans to up its stake by the end of the year.

The Van Nuys company, which has struggled as a major supplier of aluminum wheels to automakers in the U.S., said the company will provide it a foothold in a strong emerging market.

“We believe this is an excellent long-term investment opportunity, given the dynamic and growing automotive market in India,” said Superior Chief Executive Steven J. Borick in a statement.

Synergies, based in Visakhapatnam, is privately held and supplies mostly to the Indian market.

Earlier this month, Superior sold its 50 percent equity stake in a joint venture in Hungary, where vehicle sales are not as strong as India.

Vehicle sales in India jumped 39 percent in May, according to an Indian automobile manufacturers group. Superior noted that CSM Worldwide, an automotive market forecasting firm, expects light vehicle sales on the subcontinent to grow nearly 14 percent next year.

Superior supplies aluminum wheels to Ford, General Motors, Chrysler, BMW, Mitsubishi, Nissan, Subaru, Toyota, and Volkswagen. Synergies has contracts with Toyota, General Motors Co. and Chrysler Group LLC

Superior said it agreed to make additional equity investments totaling 26 percent by the end of the year. Terms of the deal were not disclosed.

Shares of Superior were down 46 percent, or 3 percent, to $13.99 in midday trading on the New York Stock Exchange.