Ramkrishna Forgings announced that its board of directors have approved an investment to acquire up to 51% voting rights of Tsuyo Manufacturing, a Make-In-India start-up company engaged in powertrain solutions for electric vehicles.
A press release from Ramkrishna Forgings noted that the company plans to invest around INR 100 crore over the next five years, which is expected to generate a turnover of around INR 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.”
The transaction also brings numerous synergies that solidify the company’s position as one of the top providers of forging solutions, Khetan added.
Tsuyo currently manufactures powertrain solutions for electric vehicles. This proposed investment will help it use both organisations' technological expertise and manufacturing skills to enhance its product portfolio and expand its facilities for manufacturing motors, controllers, E-axles, and differentials.