Castings and Forgings main MM Forgings Ltd., (MMF) plans to invest ₹500 crore in the rising Electric Vehicle (EV) area over the subsequent 15-18 months, stated a prime official.
“Over the next 15-18 months, we will incur a capex of ₹500 crore, of which ₹100 crore will be in the EV space. It will be funded through internal accruals and debt,” stated Chairman and Managing (*18*) Vidyashankar Krishnan throughout an interplay.
MMF not too long ago introduced its foray into the EV section with the acquisition of a start-up agency Abhinava Rizel Pvt. Ltd., to produce EV powertrain elements for two-and three-wheelers and industrial automobiles.
“EV powertrain segment will emerge stronger in 10 years. We are aiming ₹1,000-2,000 crore revenue from the EV business alone in 7-10 years. We will achieve this by diversifying into the EV segment, refocusing on green energy and changing our product mix,” he stated.
MMF, in the meantime, introduced N. Srinivasan stepped down as Chairman on March 31, 2024 and was succeeded by Mr. Krishnan.
“After guiding us for more than 31 years, Mr. Srinivasan requested us to relieve him from the Chairman’s post due to falling health coupled with the completion of a second five year term as an independent director as of March,” Mr. Krishnan stated.
“Mr. Srinivasan has tremendous foresight. He encouraged us, guided us and also cautioned us at times. He also sounded bullish about our entry into the EV space. Asked us to explore the alternative fuel market and to tap its export potential,” Mr. Krishnan stated.
Mr. Srinivasan introduced in lot of positiveness. His widespread expertise, braveness and encouragement may very well be seen in all of the board conferences. As a father determine, he held us with super respect and we reciprocated it, he stated.
“Mr. Srinivasan stepped down on his own accord. We will still seek his support as we move into a new area,” he stated.
