Ramkrishna Forgings on Tuesday, February 20 said it has secured a contract worth $220 million to supply to the light vehicle segment across North America.
"This contract spans over a decade and marks the company's foray into a new vertical within the forging sector, focusing on supplying tier 1 customers in the light vehicle segment across North America," it said in a stock exchange filing.
The company's whole-time director and CFO Lalit Kumar Khetan said the company is honoured to collaborate with its tier 1 customer and is committed to delivering superior quality forgings that drive value and innovation int he North American Light Vehicle segment. "With this, the company is poised to further strengthen its foothold in the automotive forging market while continuing to explore avenues for growth and expansion," he added.
Earlier this month, the company bagged a contract worth $13.16 million from a leading North American axle manufacturing company. As per the strategic partnership, Ramkrishna Forgings will supply rear axle components and services for the off-highway sector over the upcoming four years, the company said in a filing to the stock exchanges.
In December, the Kolkata-based company's managing director Naresh Jalan had told CNBC-TV18 that the firm was eyeing consolidated revenues of ₹6,000 crore by the fiscal year 2026 with nearly 30% contribution from the non-auto business,
Ramkrishna Forgings shares are in the green for the second and up 2.78% at ₹767 apiece 11.40 am on February 20. the stock has gained 18.14% in the past six months and 179.14% in the past year.
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First Published: Feb 20, 2024 11:51 AM IST
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