Vidyashankar Krishnan, vice-chairman and MD, MM Forgings Ltd.
A subsidiary of MM Forgings Ltd. (MMF) has began making prototype motors for electrical autos (EVs), stated vice-chairman and managing director Vidyashankar Krishnan.
“We received quite a few orders for Permanent Magnet Synchronous Motors (PMSMs). Though it is a small order, we have made a modest beginning,” he stated in an interview.
In September final 12 months, MMF had acquired 88% stake in start-up agency Abhinava Rizel Pvt. Ltd., to provide EV powertrain elements for two- and three-wheelers and industrial autos.
“We are in the process of setting up a brownfield plant in Oragadam to make 60,000 EV motors per annum. The commercial production will start by September. In the first year, we are targeting a two-digit turnover, followed by three digits in the following fiscal,” he stated.
Stating the preliminary funding can be within the area of ₹80 crore, he stated that when the market picked up, they’d arrange a greenfield plant.
“Within one year, we will start making controllers and gearboxes at Oragadam and Tiruchi plants respectively,” he stated.
MMF, in the meantime, has reported a 9% enhance in its standalone web revenue for the quarter ended December to ₹34 crore from the year-earlier interval. Revenue from operations grew by 26% to ₹360 crore.
MMF might be closing FY23 with a income of ₹1,400 crore towards ₹1,123 crore earned within the year-earlier interval and has set its sights on ₹2,000 crore for FY25.
Last week, the board authorised merger of its wholly owned subsidiary Cafoma Autoparts Pvt. Ltd., with itself. The latter is into making and advertising and marketing of metal forgings whereas the previous is into manufacturing and machining of crankshaft.
