Kaynes Technology India Ltd. said it is close to finalising a deal with one of the world's largest electric vehicle manufacturers after the company visited its plant and gave positive feedback on Kaynes' capabilities. The potential deal would add to Kaynes' automotive business, although the company did not identify the EV manufacturer or disclose the value or scope of the proposed engagement.
The development is separate from Kaynes' existing EV customer relationships and comes as the company continues to add new customers across its automotive and non-automotive businesses. Management said the EV manufacturer has completed a plant visit and that discussions have moved close to a final agreement.
Ramesh Kunhikannan, executive vice chairman of Kaynes Technology, said during the company's Q1 FY27 earnings call that the company had a "recent engagement with one of the largest EV manufacturers globally in the automotive sector".
He said the customer had visited Kaynes' plant and given "very positive feedback" on its capabilities. "In fact, we are now very close to closing the deal," Kunhikannan said.
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EV Opportunity
The potential deal follows a customer visit to Kaynes' plant, where the global EV manufacturer evaluated the company's capabilities.
Kunhikannan said the customer had given positive feedback on the capabilities Kaynes plans to offer "on the global standard". He did not identify the company or provide details on the potential programme.
Kaynes said the deal has not been finalised yet. Management said completing the agreement would provide validation of the quality and scale of the company's manufacturing capabilities.
"Once finalised would be a significant validation on the quality and scale of what we have built here," Kunhikannan said.
The company also said it continues to assess whether some of its new capabilities should be used for internal consumption or external sales. Kunhikannan said the decision would be based on the economics of each opportunity.
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Customer Additions
Kaynes added several customers to its portfolio during the quarter as it expanded its customer base across sectors.
Muthukumar Narayanaswamy, managing director of Kaynes Technology, said the company had added one of India's second-largest electric two-wheeler manufacturers to its existing EV portfolio. He said Kaynes had completed product development and testing in about eight months and had started serial supplies to the customer.
The company also said it had onboarded global brands from Germany and France and an Indian wireless communications company during the quarter.
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