Ramkrishna Forgings to acquire up to 51% stake in start-up TSUYO
The Board of Directors of Ramkrishna Forgings Ltd. has approved an unspecified amount of investment to acquire up to 51% voting rights of TSUYO Manufacturing Private Ltd., a start-up engaged in powertrain solutions for electric vehicles.
“This proposed investment will help TSUYO to use the technological expertise and manufacturing skills of both organisations to enhance its product portfolio and expand its facilities for the manufacture of motors, controllers, E-axles, and differentials,” Ramkrishna Forgings said in a statement.
The company said it plans to invest around ₹100 crore over the next 5 years, which is expected to generate a turnover of about ₹500 crore by the end of the fifth year.
Lalit Khetan, Whole-time Director & CFO, Ramkrishna Forgings said, “We believe that this strategic investment will enable us to further advance our commitment to supporting the growth of electric vehicles in India and beyond.”
“This acquisition will significantly improve our capabilities and expand our market share in the evolving EV segment. This transaction also brings numerous synergies that solidify our position as one of the top provider of forging solutions,” he added.