M M Forgings advances on acquiring 88% stake in Abhinava Rizel

1 Sep 2022 , 10:33 AM

The company said that it is investing in a start-up to produce EV powertrain components. The indicative time period for completion of acquisition is on or prior to 30 September 2022, it added. Post acquisition, 26,40,000 equity shares will be allotted to MMF and it will be holding 88% share of Abhinava Rizel . These shares will be a fresh issue and is in addition to the existing paid up equity share capital of Abhinava Rizel. Abhinava Rizel is a start-up company, engaged in the business of Research & Development and manufacturing of parts/components or systems including but not limited to electric power train/drivetrain systems, electric motors, motor controllers/drives, gearboxes and ADAS systems for various industries. MM Forgings is engaged in the manufacture of steel forgings. The company engages in automotive components. It manufactures steel forgings in raw, semi-machined and fully machined stages in various grades of carbon, alloy, micro-alloy and stainless steels. The companys consolidated net profit jumped 22.7% to Rs 28.32 crore on 39.6% surge in net sales to Rs 338 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News