A subsidiary of MM Forgings has started making EV prototype motors 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 acquired an 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 prototype motors per annum. The commercial production will start in 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 that ended December to ₹34 crores from the year-earlier period. Revenue from operations grew by 26% to ₹360 crores.
MMF will be closing FY23 with a revenue of ₹1,400 crores against ₹1,123 crore earned in the year-earlier period and has set its sights on ₹2,000 crores for FY25.
Last week, the board approved the 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 crankshafts.
