Auto parts maker MM Forgings has formed a wholly owned subsidiary—Suvarchas Vidyut —as a strategic investment to bolster its revenue stream.
MM Forgings has created this new company with an authorised share capital of ₹5 crore to produce electrical and electronic components and sub-assemblies for industrial, consumer, and automotive applications, according to a statement.
Chennai-headquartered MM Forgings is a prominent forging player and has been supplying auto components to companies in India, Europe and US markets. In FY21 revenue, domestic and export businesses accounted for 50 per cent each. It is a major supplier to the commercial vehicle industry, which makes up three-fourths of its revenue.