2 weeks ago
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Castings and Forgings major MM Forgings Ltd., (MMF) plans to invest ₹500 crore in the emerging Electric Vehicle (EV) space over the next 15-18 months, said a top 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,” said Chairman and Managing Director Vidyashankar Krishnan during an interaction.
MMF recently announced its foray into the EV segment with the acquisition of a 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 into the EV segment, refocusing on green energy and changing our product mix,” he said.
MMF, meanwhile, announced 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 said.
“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 said.
Mr. Srinivasan brought in lot of positiveness. His widespread experience, courage and encouragement could be seen in all the board meetings. As a father figure, he held us with tremendous respect and we reciprocated it, he said.
“Mr. Srinivasan stepped down on his own accord. We will still seek his support as we move into a new area,” he said.
