Ramkrishna Forgings on Thursday said its board has approved a proposal to acquire up to 51% stake in TSUYO Manufacturing.
The company did not disclose the deal size.
A decision in this regard was taken by the company's board at a meeting on Wednesday, Ramkrishna Forgings said in a statement.
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"The board of directors of Ramkrishna Forgings has approved an investment to acquire up to 51% voting rights of TSUYO, a Make-In-India startup company engaged in powertrain solutions for electric vehicles," it said.
This proposed investment will help TSUYO enhance its product portfolio and expand its facilities for manufacturing of motors, controllers, e-axles, and differentials.
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"This strategic investment will enable us to further advance our commitment to supporting the growth of electric vehicles in India and beyond. This acquisition will significantly improve our capabilities and expand our market share in the evolving EV segment," Lalit Khetan, Whole-time Director and CFO, Ramkrishna Forgings said.
Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed die forgings of carbon and alloy steel, micro alloy steel and stainless steel forgings.
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