Ramkrishna Forgings Ltd announced on Monday that its board has approved an expansion into aluminum forging, with plans to establish its first facility in Jamshedpur, Jharkhand. The company will invest ₹57.5 crore in the new facility, which will primarily serve the electric vehicle (EV) sector.
The plant will have an installed capacity of 3,000 tonnes per year and is expected to be operational by the second quarter of the 2025-26 fiscal year. Once fully operational, the project is expected to generate additional revenue of ₹175 crore annually, according to a senior company official.
Ramkrishna Forgings is entering the aluminum forging market to support the production of lighter vehicles, which will improve performance, fuel efficiency, and reduce environmental impact. “The upcoming aluminum forging facility will significantly enhance our presence in the EV market. By focusing on engineering and technology-driven automotive solutions, we are dedicated to developing innovative and sustainable technologies that meet the evolving demands of the market,” said Naresh Jalan, Managing Director of Ramkrishna Forgings.
These initiatives reflect the company’s commitment to global expansion, business diversification, and sustainable growth. The Kolkata-based firm reported a 3% increase in consolidated net profit, reaching ₹81 crore for the quarter ending in June.
In another development, Ramkrishna Forgings Ltd announced that it has signed a Share Purchase Agreement to sell its entire stake in Globe All India Services Limited, a wholly-owned subsidiary, to Yatra Online Limited. The sale, valued at ₹129 crore (net of debt), will be executed through a cash transaction.
Globe All India Services Limited has grown into a prominent Hospitality Management Company with a diverse portfolio that includes Corporate Travel, MICE (Meetings, Incentives, Conferences, and Exhibitions), Leisure, and Car Rental services, according to the company’s regulatory filing.
Commenting on the decision, Naresh Jalan, Managing Director of Ramkrishna Forgings Ltd, said, “As part of our strategic product rationalization initiative, we have chosen to focus on our core segments, particularly in forged, machined, and fabricated products for industries such as Automotive, Railways, Oil & Gas, and Power, where we see significant growth potential. This move aligns with our long-term goals and strengthens our balance sheet. The success of Globe All India Services reflects the dedication and hard work of our exceptional team. As the business transitions to new ownership, we extend our sincere gratitude to all those who contributed to its growth.”
The company also emphasized its continued focus according to long-term growth strategies within its primary sectors and its commitment to delivering value to stakeholders. “The proceeds from this transaction will help further reduce debt and reinforce our balance sheet,” the company added.
