M&A

M&A

MM Forgings acquires EV Powertrain startup Abhinava Rizel

BSE Disclosure  

Publicly listed MM Forgings Limited (MMF) has acquired an 88% equity shareholding in fellow Chennai-based Abhinava Rizel Private Limited. Founded in 2022, Abhinava Rizel is currently partnering with automotive manufacturers in India and the investment by MMF will be utilized to establish its initial manufacturing facility in Oragadam, Tamil Nadu. On an aggregate basis, MMF expects to invest INR 200 crore in this initiative. The founders of Abhinava Rizel, BVN Madhu, Karthik Donthula and Shivam Bhatia have been jointly developing EV motor and powertrain technologies since 2017. It has 8 patents filed and an additional 10 patents under filing in respect of EV motor and powertrain technologies.