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    MM Forgings forays into EVs with powertrains and is looking for more acquisitions

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    MM Forgings forays into EVs with powertrains and is looking for more acquisitions

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    MM Forgings, as part of its strategy to grow in the electric vehicle (EV) segment, has bought a majority stake in electric vehicle powertrain start-up Abhinava Rizel with an investment of Rs 200 crore.

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    MM Forgings, as part of its strategy to grow in the electric vehicle (EV) segment, has bought a majority stake in electric vehicle powertrain start-up Abhinava Rizel with an investment of Rs 200 crore.
    Speaking to CNBC-TV18 after the investment, Vidyashankar Krishnan, VC and MD, said that through this investment, the company has stepped into the motor EV space first.
    At present, the company is largely focused on forgings, and 90 percent of its business comes from traditional forging. But the company has sensed a huge market opening up in the EV space.
    He said by end of the decade the market size of EV powertrain would be Rs 1 lakh crore, while the current size of the EV powertrain segment is Rs 2,000-3,000 crore.
    “We were considering a powertrain for EVs when we came across Abhinava Rizel. We will be taking operations onto controllers and axels shortly,” Krishnan said.
    He said that the company was looking for more acquisitions in the EV space. “We are looking at acquisitions as and when we get opportunities. I wouldn't like to put a timeframe.”
    Abhinava Rizel has been developing EV motors and powertrains since 2017. The company has eight patents filed and an additional ten patents under filing concerning EV motor and powertrain technologies.
    For the entire interview, watch the accompanying video
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