Castings and forgings major MM Forgings Ltd., (MMF) plans to invest ₹500 crore, of which ₹100 crore will be in the Electric Vehicle (EV) space over the next 18 months, and will be funded by internal accruals and debt, said MD Vidyashankar Krishnan during an interaction.
MMF recently forayed into the EV space with the acquisition of start-up firm Abhinava Rizel Pvt. Ltd., to produce EV powertrain components for two-and three-wheelers and commercial vehicles.
“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 and refocusing on green energy and changing our product mix,” he said.
MMF also announced N. Srinivasan had stepped down as Chairman on March 31. He has been 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 said.
“Mr. Srinivasan had 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 said.
