The company has signed an MoU with a US-based firm for developing electric vehicle powertrain components for the Indian EV market
Ramkrishna Forgings share price touched a 52-week high of Rs 1,187, rising over 7 percent intraday on October 7 after the company signed a memorandum of understanding (MoU) with a US-based firm for developing electric vehicles, making a foray into the booming Indian EV market.
Ramkrishna Forgings has signed the MoU for the development of electric vehicle powertrain components for the Indian EV market, the company said in the press release, without naming the “US-based technology partner”.
This marks the foray for both companies in the EV market in India.
“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,” said Naresh Jalan, Managing Director, Ramkrishna Forgings.
“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 to accelerate the Electrification of the Indian automotive market,” he added.
At 1307 hours, Ramkrishna Forgings was quoting at Rs 1,147.90, up Rs 42.60, or 3.85 percent, on the BSE.