Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products 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. 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. Their expertise lies in efficiency enhancement which bestow a superior hallmark over its peers in the various industries they cperate in.
Commenting on the MOU signing Mr. Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said: "We at Ramkrishna Forgings believe in providing the best-in-class products and solutions to its customers. With a view to be the most preferred supplier to its customers, we continue to invest significantly in the R&D and technologies over the years and exhibited international quality standards. Having a wide range of processing technologies allows Ramkrishna Forgings Limited to vastly expand its product offering in terms of complexities and designs, thereby acting as a one stop destination for its customers. 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 weil. A superior technology has the potential to pave its way into the Indian EV Market riding on the back of a trusted manufacturing partner like Ramkrishna Forgings Limited. 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 toaccelerate the Electrification of the Indian automotive market."
Shares of Ramkrishna Forgings Limited was last trading in BSE at Rs. 1105.30 as compared to the previous close of Rs. 1118.80. The total number of shares traded during the day was 43609 in over 3421 trades.
The stock hit an intraday high of Rs. 1154.00 and intraday low of 1091.00. The net turnover during the day was Rs. 49280465.00.