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Ramkrishna Forgings Secures Board Approval for setting up Manufacturing Facility in Mexico
Posted On : 2024-02-22 22:16:51( TIMEZONE : IST )
Ramkrishna Forgings Limited ("the Company"), one of the leading suppliers of rolled, forged, and machined products has announced that it has received board approval for commencement of manufacturing and supplies from the Company's Mexico location.
The above operation in Mexico is backed by a 10 year US$3.5 million per annum "Take or Pay" agreement for machining components with a North American customer, solidifying the Company's commitment to delivering excellence and reliability in products and services.
Notably, the Company is not required to make any investments in Plant & Machinery for manufacturing the products under the above agreement. The board of directors have also given an approval for an investment of upto Rs. 90 Crores to establish a facility to manufacture component in PV/LV segment. The new facility will have an installed production capacity of 11,000 metric tonnes per annum. This investment is supported by a long term minimum US$10 million per annum "Take or Pay" agreement with a North American customer. This investment shows the Company's confidence in the potential North American market and its commitment to delivering superior quality products to its customers.
The above investments will open a sea of opportunities for the Company to entertain customers looking for local content in manufacturing of Automotive components in NAFTA.
Mr. Lalit Kumar Khetan, Whole Time Director and CFO, Ramkrishna Forgings Limited said, "We are pleased to announce that we have received board approval for establishing a manufacturing operation in Mexico. This decision reflects our commitment to expanding our global footprint and enhancing our ability to serve customers in key markets. The new facility will enable us to leverage strategic advantages, including proximity to customers and suppliers, to deliver high-quality products and solutions efficiently. We look forward to the opportunities this expansion presents and are confident it will further strengthen our position as a leading provider of forging solutions."
RKFL remains committed to upholding the highest standards of quality, innovation, and customer satisfaction as it embarks on this exciting new chapter of growth and expansion.
