The new facility aims to cater primarily to the electric vehicle (EV) segment, expected to generate an additional revenue of Rs 1.75 billion annually at full capacity. This move aligns with the company's focus on lightweighting vehicles to boost performance, fuel efficiency, and reduce environmental impact.

Ramkrishna Forgings' MD, Naresh Jalan, highlighted that this project will significantly enhance their presence in the EV market and demonstrate their commitment to technological innovation and sustainable growth. The company recently reported a 3% increase in consolidated net profit to Rs 810 million for the quarter ending June.