Ramkrishna Forgings to acquire 51% voting rights in TSUYO Manufacturing
India Infoline News Service |
15 Dec, 2022 |
The Board of Directors of Ramkrishna Forgings Limited, a leading supplier of rolled, forged, and machined products, has approved an investment to acquire up to 51% voting rights in TSUYO Manufacturing Private Limited, a Make-In-India start-up focused on powertrain solutions for electric vehicles.
TSUYO currently manufactures electric vehicle powertrain solutions. This proposed investment will enable TSUYO to leverage both organisations' technological expertise and manufacturing capabilities to expand its product portfolio and expand its manufacturing facilities for motors, controllers, E-axles, and differentials.
The company intends to invest around Rs 100 crore over the next 5 years, with a revenue of around Rs 500 crore expected by the end of the fifth year.
Ramkrishna Forgings is a critical safety item supplier for railway passenger coaches and locomotives' undercarriage, bogie, and shell parts. In India, it is a preferred supplier to OEMs such as TATA Motors, Ashok Leyland, VE Commercial, and Daimler, and in the international market, it is a preferred supplier to Volvo, Mack Trucks, Iveco, DAF, Scania, MAN, UD Trucks, and Ford Otosan.
At around 9.24 AM, Ramkrishna Forgings was trading at Rs263.15 up by 2.49% from its previous closing of Rs256.75 on the BSE. The scrip opened at Rs259.65 and touched an intraday high and low of Rs266.30 and Rs258.70 respectively.
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