Project News Detail
| Project No : | 202849 |
|---|---|
| Project Title : | MM Forgings Makes Entry into EV Space, Plans Rs 500-cr Investment |
| Company Name : | Private Company |
| Project Detail : | Castings and forgings major MM Forgings (MMF) plans to invest Rs 500 crore, of which Rs 100 crore will be focused on the electric vehicle (EV) space over the next 18 months. It would be funded by internal accruals and debt. MMF recently made its entry into the EV space with the acquisition of start-up firm Abhinava Rizel to produce EV powertrain components for two-and three-wheelers and commercial vehicles. The company is targeting a revenue of Rs 1,000-2,000 crore from the EV business alone in seven to 10 years, through a strategy of diversifying and refocusing on green energy and changing the product mix. EV powertrain segment is expected to emerge stronger in a decade. |
| Project Location : | Multi Location (Multi State) - Multi State - India |
| Project Estimation : | Refer Document |
| Status : | Announced |