Ramkrishna Forgings to Invest INR 100 Cr in TSUYO for Electric Vehicle Portfolio

Ramkrishna Forging Limited, or RKFL, has come up with a plan to acquire up to 51 per cent voting rights of TSUYO Manufacturing Private Limited. The Board of Directors of Ramakrishna Forging Limited nodded to invest in TSUYO for majority voting rights.

RKFL is a leading supplier of rolled, forged, and machined products and TSUYO is a start-up that provides powertrain solutions for electric vehicles. This partnership is said to help both the company use each other’s expertise and grow altogether. Both the companies will be coming together to use technological expertise and manufacturing skills to enhance their product portfolio and expand facilities for the manufacturers of motors, controllers, E-axles, and differentials.

RKFL is planning to invest an amount of around INR 100 Cr in TSUYO. The company said that this investment will be done in small amounts and will be lucrative for future. This amount of INR 100 Cr is said to generate a turnover of 500 Cr in five years.

Mr Lalit Khetan, Whole-time Director and CFO of RKFL, commented on this acquisitions, “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.”

RKFL is engaged in the business of closed die forgings of carbon and alloy steel, micro alloy steel and stainless-steel forgings which plays a crucial role in the automobile industry. It was incorporated with a motive of manufacturing forged products in 1981. 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 USA, Toluca, Monterrey in Mexico and Westerloo in Belgium.

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. The Company is suppliers to various sectors like Automotive, Railways, Farm Equipment, Bearings, Oil & Gas, Power and Construction, 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.

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, BHEL among others.  They demonstrate a high expertise and knowledge in the area of R&D, product development, project management, operations, supply chain and marketing.