Ramkrishna Forgings to acquire 51% stake in TSUYO Manufacturing; plans to expand its EV portfolio

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The Board of Directors of Ramkrishna Forgings Limited (“Company”), one of the leading suppliers of rolled, forged, and machined products have approved an investment to acquire up to 51% voting rights of TSUYO Manufacturing Private  Limited (“TSUYO”), a Make-In-India start-up company engaged in powertrain solutions for electric vehicles.

TSUYO currently manufactures powertrain solutions for electric vehicles. This proposed investment will help TSUYO to use the technological expertise and manufacturing skills of both organizations to enhance its product portfolio and expand its facilities for the manufacture of motors, controllers, E-axles, and differentials.

The Company plans to invest around Rs. 100 Crores over the next 5 (five) years, which is expected to generate a turnover of around Rs. 500 Crores by the end of the fifth year.

Commenting on the acquisition Mr. Lalit Khetan, Whole-time Director & CFO, Ramkrishna Forgings Limited 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. We are excited to be partnering with TSUYO and 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 providers of forging solutions.”

About Ramkrishna Forgings Limited

Ramkrishna Forgings Limited was incorporated in the year 1981 with the objective to manufacture forged products. The Annualized installed capacity after commissioning of Hollow  Spindle Line, a new 7000 Ton Press Line, a 2000 Ton warm/hot Forming Press, and a fabrication facility is 187,100 MT. Headquartered at Kolkata, the company has state-of-the-art manufacturing facilities at Jamshedpur along with offices at Detroit in USA, Toluca, and  Monterrey in Mexico, Istanbul in Turkey having warehousing facilities at Hagerstown,  Louisville, Detroit in the USA, Toluca, Monterrey in Mexico and Westerlo in Belgium. Over the years, the company increased its forging and die-making capacities and added machining and heat treatment facilities, including isothermal annealing, which enabled it to undertake the manufacturing of components for OEMs and Tier 1 companies. The Company is certified in terms of TS 16949, OSHAS 18001, and ISO 14001 and is a manufacturer & supplier of closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless-steel forgings which can be supplied in Forged + Heat Treated + Machined and Fully assembled condition as per the customer’s requirement. Company supply to various sectors like Automotive, Railways, Farm Equipment, Bearings, Oil & Gas, Power and Construction, and Earth Moving &  Mining, both in India & overseas markets. The Company is a critical safety item supplier for undercarriage, Bogie & Shell parts for railway passenger coaches and locomotives. It is a preferred supplier to OEMs like TATA Motors, Ashok Leyland, VE Commercial, and Daimler in  India and to Volvo, Mack Trucks, Iveco, DAF, Scania, MAN, UD Trucks, and Ford Otosan in the overseas markets. It supplies globally to Tier 1 axle manufacturers like Dana, Meritor, and American Axles.

About TSUYO Manufacturing Private Limited

TSUYO is a leading Mid-Drive BLDC, IPM, and AC Induction based motor topologies as introduced technologies as Make-in-India recognized start-up with expertise in developing powertrain products for electric vehicles across application categories including on-road and off-road. The founders of TSUYO collectively have more than 60 years of experience in automotive giants like Maruti, Tata Motors, Hitachi Automotive, Samsung, and BHEL among others.  They demonstrate high expertise and knowledge in the area of R&D, product development,  project management, operations, supply chain, and marketing.

Read More: Mahindra to locate an EV Manufacturing Plant in Pune

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