KOLKATA: Ramkrishna Forgings Ltd on Monday said the company’s board has approved foraying into aluminium forging, and its first facility will come up in Jharkhand’s Jamshedpur.
The company will invest Rs 57.5 crore to set up the facility, which will primarily cater to the electric vehicle (EV) segment, with a total installed capacity of 3,000 tonnes per annum. It is expected to be commissioned by the second quarter of the 2025-26 fiscal.
At full capacity, the project is anticipated to generate additional revenue of Rs 175 crore per annum, a senior company official said.
Ramkrishna Forgings is entering the aluminium forging segment to contribute to the lightweighting of vehicles, enhancing performance, fuel efficiency and reducing environmental impact, he said.
"The upcoming aluminum forging project will significantly expand our footprint in the EV market. By focusing on engineering and technology-enabled automotive solutions, we are committed to developing pioneering technologies that are sustainable and align with evolving market aspirations.
“These initiatives underscore our commitment to global expansion, business diversification and sustainable growth," Ramkrishna Forgings MD Naresh Jalan said.
The Kolkata-based company had posted a 3-per cent rise in consolidated net profit to Rs 81 crore in the quarter ended June.