MM Forgings Chairman and Managing Director Vidyashankar Krishnan says that they are erecting one more line by January 2025 to produce motors of up to 160 kilowatt.
| Photo Credit: Special Arrangement
Automotive components manufacturer MM Forgings Ltd. (MMF), through its subsidiary Abhinava Rizel, will start producing EV motors of up to 100 kilowatt by June end, said a top executive.
“We are gearing to produce motors up to 100 kilowatt by June end,” Chairman and Managing Director Vidyashankar Krishnan told during an interaction.
“The production has been slightly delayed as we are yet to get EB power. Besides, making Permanent Magnet Synchronous Motors, we will also add gearboxes and controllers,” he said.
Besides, one more line will be erected by January 2025 to produce motors up to 160 kilowatt, though the subsidiary has the ability to design motors up to 300 kilowatt range.
MMF acquired Abhinava Rizel in June 2023 that can produce powertrain components for two and three-wheelers and light commercial vehicles.
In FY24, MMF produced 85,000 tons of forgings and sold 77,000 tons. This fiscal, MMF aims to produce 92,000-95,000 tons, a growth of 10-12%, for which it will be focusing on three parts in heavy press namely front axle beams, knuckles and crankshafts.
According to him, India accounted for 65% of revenue, followed by Europe 16%, North America 12% and South America 7%. Commercial vehicles yielded 80% revenue, passenger vehicles 10% and off-highway products 10%.
Of the proposed capex of ₹500 crore, ₹300 crore will come from internal accruals and balance through borrowings.
About ₹75 crore goes towards EV, ₹250 crore will be for machining and ₹175 crore for forgings. The timeline for forgings is 15-24 months, while machining and EV capex will be spent in FY25.
“In the EV space, bulk of it will go into infra, basically into testing and lab facilities. So, those are all launch pads for a much higher growth organisation. We are targeting to more than double the revenue of ₹1,552 crore,” he said.
