Indian supplier of rolled, forged and machined products wins business from European OEM in Brazil, Eurasian farm equipment manufacturer, will supply differential components to existing European customer, and rear axle and transmission parts for Class 5, 6, and 7 vehicles in North America.
31 Aug 2023 | 4823 Views | By Ajit Dalvi
Ramkrishna Forgings, the leading supplier of rolled, forged and machined products, has bagged its fourth overseas business order in the month of August 2023. The value of the four secured overseas business orders is estimated to be over Rs 500 crore.
On August 30, the company announced ...
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Ramkrishna Forgings, the leading supplier of rolled, forged and machined products, has bagged its fourth overseas business order in the month of August 2023. The value of the four secured overseas business orders is estimated to be over Rs 500 crore.
On August 30, the company announced a new business win in the South American market from a leading European OEM and Tier 1 supplier. Under the terms of this agreement, it will supply front and rear axle components for the next five years. The business contract is valued at 8.25 million euros (approximately Rs 73.65 crore).
Lalit Kumar Khetan, director and CFO, Ramkrishna Forgings said, "This contract represents a significant step in our journey to expand and diversify our operations in the South American market. We are honoured to be chosen for this partnership which signifies not only our prowess in providing high-quality components but also solidifies our commitment to fostering innovation and excellence. This partnership exemplifies our dedication to enhance mobility solutions and driving impactful growth in the dynamic Brazilian market.”
Machined products.
This latest export order comes on the back of three other overseas business wins. On August 24, Ramkrishna Forgings confirmed a four-year business contract worth Rs 156 crore from a Eurasian farm equipment manufacturer for forged and machined components designed for transmission and engine parts.
A week before that, on August 17, it had won a Rs 145 crore four-year contract production and supply of differential components to a European OEM, to whom it has been supplying front axle components for the past five years.
The first of the four orders this month was detailed on August 14 for securing of a business contract valued at US$13.65 million (Rs 112.57 crore) per year for supply of rear axle and transmission components for Class 5, 6, and 7 vehicles. This order marks a substantial step towards bolstering the company's growth portfolio within the North American region, enabling it to strategically expand its footprint and strengthen its position within the light vehicle sector.
Forged products. Weight ranges from 2kg to 200kg.
Growing global demand for made-in-India components
Ramkrishna Forgings’ multiple overseas business wins are yet another indication of the growing demand for made-in-India, high-quality automotive components.
In FY2023, as per apex automotive component industry body ACMA, overseas shipments of locally manufactured components recorded growth of 5.2% to Rs 1.61 lakh crore (US$ 20.1 billion) compared to Rs 1.41 lakh crore (US$ 19.0 billion) in FY2022. North America, accounting for 32% of exports, saw a growth of 8% while Europe, which accounts for 31%, and Asia for 26% grew 3% and 4% respectively. The key export items included drive transmission and steering, engine components, body/chassis, suspension and braking.
All images: Ramkrishna Forgings
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