MM Forgings acquires strategic stake in EV Powertrain startup Abhinava Rizel

As part of its transformation strategy to become a leading player in the growing electric vehicle (EV) segment, MM Forgings (MMF) has made an investment to secure an 88% equity shareholding in Abhinava Rizel on a fully diluted basis. Further, MMF will provide the necessary financing to establish the manufacturing facility and other product development initiatives. On an aggregate basis, MMF expects to invest Rs.200 crores (~US$25mn) in this initiative. More importantly, MMF’s involvement will also provide significant technical and managerial expertise to accelerate Abhinava Rizel in its growth path.
The founders of Abhinava Rizel, BVN Madhu, Karthik Donthula and Shivam Bhatia (alumni of SRM Institute of Science and Technology), have been jointly developing EV motor and powertrain technologies since 2017. As a result of the team’s work, Abhinava Rizel has 8 patents filed and an additional 10 patents under filing in respect of EV motor and powertrain technologies.