‘MM Forgings intends to become a major EV player’

June 04, 2023 12:00 am | Updated 05:44 am IST - Chennai

Auto component supplier MM Forgings Ltd. (MMF) has drawn up plans to become a major player in the electric vehicle (EV) space and has started working towards it, said vice chairman and MD Vidyashankar Krishnan.

“Basically, we have moved from being a forging supplier to that of a component supplier,” Mr. Krishnan said. “In the last five to seven years, there has been a significant transition and components account for 60% of revenue of Rs. 1,474 crore,” he said during an interaction.

MMF recently announced its foray into the EV space by acquiring city-based Abhinava Rizel that can produce powertrain components for two- and three-wheelers and light commercial vehicles (LCVs).

According to the plan, MMF’s subsidiary will start making EV powertrains CY24 onwards. A power train consists of controller, motor and gear box. The start-up has already built and developed its own technology for the motor and MMF is shopping for a technology partner in the controller space. “Initially, we will focus on making the motor to give energy efficient solutions to the customers, followed by controller and gearbox,” Mr. Krishnan said.

“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 said.

For the next two years, MMF has set aside a capex of Rs. 500 crore for machining and forging and de-bottlenecking of the forging operations. Of this, about Rs. 100 crore had been earmarked for the electric and EV space.

For FY24, MMF aims for a 25% growth in production of forgings to about 90,000 tonnes and 22% in sales revenue of Rs. 1,800 crore. Exports would account for 30-35% of sales.

MM Forgings’ subsidiary Abhinava Rizel will start to make EV powertrains CY24 onwards

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