Forging

 News
Feb 23, 2024

On February 22, Ramkrishna Forgings Limited (RKFL) announced that its board of directors approved an investment of up to INR 90 million to establish a facility to manufacture components in the PV (passenger vehicles)/LV (light vehicle) 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 USD 10 million per annum “Take or Pay” agreement with a North American customer.
It received board approval for the commencement of manufacturing and supplies from its Mexico location. Further, RKFL is not required to make any investments in plant and machinery for manufacturing the products under the above agreement. The investments will open markets for the customers in NAFTA (North American Free Trade Agreement).

Based on Ramkrishna Forgings Limited's press release

Feb 23, 2024

On February 22, Sona BLW Precision Forgings (Sona Comstar) became the first automotive component manufacturer to receive certification under the auto production linked incentive (PLI) scheme. The company has filed seven applications for different products under the PLI scheme, and it has received the certification for its first product, a hub wheel drive motor for electric two-wheelers.
The company's R&D team designed and developed the EV traction motors in-house and launched them for production in 2020. In 2021, the government introduced the Auto PLI scheme to incentivize the domestic production of automotive technology vehicles and products with a budgetary outlay of INR 259 billion over five years, starting from FY 2023-24.

Based on Sona Comstar's press release

Feb 20, 2024

On February 20, Ramkrishna Forgings Limited announced that it secured a contract worth USD 220 million. This contract spans over a decade and marks its foray into a new vertical within the forging sector, focusing on supplying Tier 1 customers in the light vehicle segment across North America.

Based on Ramkrishna Forgings Limited's press release