Vidyashankar Krishnan, vice-chairman and MD, MM Forgings Ltd. File
| Photo Credit: The Hindu
Auto part provider MM Forgings Ltd., (MMF) has drawn up plans to become a major player within the electrical automobile (EV) house and has began working in the direction of it, stated vice chairman & MD Vidyashankar Krishnan.
“Basically, we have moved from being a forging supplier to that of a component supplier. In the last five to seven years, there has been a significant transition and components accounts for 60% of revenue of ₹1,474 crore,” he stated throughout an interplay.
MMF lately introduced its foray into EV house by buying a city-based Abhinava Rizel that may produce powertrain elements for 2 and three-wheelers and light-weight business automobiles (LCVs).
As per the plan, MMF’s subsidiary will begin making EV powertrains CY24 onwards. Power trains encompass controller, motor and kit field. The start-up has already constructed and developed its personal know-how for the motor and MMF is looking for a know-how accomplice within the controller house. “Initially, we will focus on making the motor to give energy efficient solutions to the customers, followed by controller and gearbox,” Mr. Krishnan stated.
On its core enterprise of forgings, Mr. Krishnan stated: “We are no longer a forge shop with an attached machine shop. We are well and truly a component supplier. That some of our customers choose to buy only forgings from us for some of their requirements is incidental.”
“We will start making gear blanks and crankshafts. These are the main product segments that we intend launching for intermediate LCVs and passenger car segments.” he stated.
“And our engagement with original equipment manufacturers is pretty deep. That also will bear good dividends for the company as we go on,” Mr. Krishnan added. For the subsequent two years, MMF has put aside a capex of ₹500 crore for machining and forging and debottlenecking of the forging operations. Of this, about ₹100 crore had been earmarked for the electrical and EV house. For FY24, MMF aims for a 25% development in manufacturing of forging to about 90,000 tonnes and 22% in gross sales income of ₹1,800 crore. Exports would account for 30-35% of gross sales.
