In the midst of the 2nd COVID wave, we completed the acquisition of erstwhile Sanghvi Forgings (renamed BFITSL) at a cost of ₹90 crore in June 2021. For the full year of FY 2022, the company registered a topline growth of 13.3% as compared to FY 2021. Over the past 9 months, proper systems and processes have been put in place, focus on improving safety standards, aligning the sales team with our industrial division have all taken place.
The Aluminum Forging facility investment in North Carolina is a key aspect of our growth strategy for the overseas subsidiaries. This facility was set up and all the major milestones were achieved in record 11 months with excellent coordination and support from our German colleagues. This facility will be the most modern automated Aluminum forging facility when fully operational. The capacity set up has already been fully booked. FY 2023 will be the 1st full year of production for the facility.
During the year, we consolidated all E-mobility related activities under Kalyani Powertrain Limited (KPTL) to achieve better synergies and strengthen the efforts with an unified approach. Two key focus areas in FY 2022 was on enhancing the team strength through the lateral hiring of domain experts across battery management, Chassis systems etc. We also have made significant progress on Product Development across various Power Electronic systems. In the year, BFL was selected as an eligible applicant under the Government’s PLI scheme for Advanced Automotive Technology (AAT) products. The E-mobility arm also won its maiden order for supply of Power Electronic Products from a leading CV manufacturer in India.
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