Vidyashankar Krishnan, vice-chairman and MD, MM Forgings Ltd.
A subsidiary of MM Forgings Ltd. (MMF) has started making prototype motors for electric vehicles (EVs), said vice-chairman and managing director Vidyashankar Krishnan.
“We received quite a few orders for Permanent Magnet Synchronous Motors (PMSMs). Though it is a small order, we have made a modest beginning,” he said in an interview.
In September last year, MMF had acquired 88% stake in start-up firm Abhinava Rizel Pvt. Ltd., to produce EV powertrain components for two- and three-wheelers and commercial vehicles.
“We are in the process of setting up a brownfield plant in Oragadam to make 60,000 EV motors per annum. The commercial production will start by September. In the first year, we are targeting a two-digit turnover, followed by three digits in the following fiscal,” he said.
Stating the initial investment would be in the region of ₹80 crore, he said that once the market picked up, they would set up a greenfield plant.
“Within one year, we will start making controllers and gearboxes at Oragadam and Tiruchi plants respectively,” he said.
MMF, meanwhile, has reported a 9% increase in its standalone net profit for the quarter ended December to ₹34 crore from the year-earlier period. Revenue from operations grew by 26% to ₹360 crore.
MMF will be closing FY23 with a revenue of ₹1,400 crore against ₹1,123 crore earned in the year-earlier period and has set its sights on ₹2,000 crore for FY25.
Last week, the board approved merger of its wholly owned subsidiary Cafoma Autoparts Pvt. Ltd., with itself. The latter is into making and marketing of steel forgings while the former is into manufacturing and machining of crankshaft.
