The technology partner is a leading expert in magnetic engineering innovations, the company said in a statement
Ramkrishna Forgings has signed a Memorandum of Understanding (MOU) with a US-based technology partner for the development of electric vehicle powertrain components for the Indian EV market.
The company said that this marks the foray in a big way for both the entities into the EV market in India.
The technology partner is a leading expert in magnetic engineering innovations, the company said in a statement.
“Their expertise lies in efficiency enhancement which bestow a superior hallmark over its peers in the various industries they operate in,” the firm said in an exchange filing.
Commenting on the MOU signing Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said, “Both the organizations have congruent goals, and each strive to be at the forefront of the EV revolution happening in India. The synergies between the organizations fit in exceedingly well. We expect the EV adoption pace to be faster in 2W/3W as compared to Passenger Vehicles and have aligned our EV strategy with this hypothesis. This association sees a significant potential to accelerate the Electrification of the Indian automotive market.”
Ramkrishna Forgings is primarily engaged in the manufacturing & sale of forged components of automobiles, railways, wagons, and engineering parts.
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 manufacturing of components for OEMs and tier-one companies.
It supplies OEMs like Ashok Leyland, Tata Motors, VE Commercial and Daimler in India as well as in overseas markets to Mack Trucks, Volvo, and Ford. The company also supplies globally to Tier 1 axle manufacturers such as Sisamex, Meritor, Dana, and American Axle.