Ramakrishna Forging which is among the leading suppliers of forged, rolled and machined products has announced the intention it has for acquiring 51% rights of voting for the Delhi-Based Tsuyo Manufacturing which is a startup that is working on the powertrain solutions for the electric vehicles. This will grow the electric vehicle market
This is a proposed investment which is going to help Tsuyo for using their technical expertise and skills of manufacturing of both the organizations for enhancing their portfolio and expanding their facilities for the manufacturing of the controllers, differentials and e-axles.
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Ramakrishna Forging has an aim to invest close to Rs 100 crores in the coming five years that is going to generate a turnover of close to Rs 500 crore by the time the fifth year ends.
Ramkrishna Forging said that they believe that the strategic investment is going to enable them to further the commitment for supporting the electric vehicle growth in India and in the world. They said that they are excited for the journey and to partner with TSUYO and the acquisition is going to significantly improve the capabilities and expand the share of the market in the evolution of Electric vehicle segment. The transaction also brings many synergies that solidify the position as one of the biggest providers of the forging solutions.
The headquarters of the company are in Kolkata wher ethe company has been since 1989 and has manufacturing facilities in Jamshedpur, US and other countries.
In the years, it has been working, it has increased the forging and die making capacities and also added machining and facilities of heat treatment including the isothermal annealing which has enabled it for undertaking the manufacturing of components for the OEMs and the Tier 1 companies.
The union is going to be good for both the companies and is going to grow the overall electric vehicle market.