Solapur-based Precision Camshaft plans foray in electric mobility
We have come a long way from Solapur to Netherlands, says Ravindra Joshi, director, Precision CamshaftsUpdated: Oct 09, 2019 16:18 IST
Solapur-based auto component manufacturer Precision Camshaft has now decided to make inroads into the nascent electric vehicles (EV) / electric mobility sector in India.
A leader in camshaft manufacturing, the company, with an office in Pune, acquired 76% shares in MFT Motoren and Fahrzeugtechnik GmbH in Cunewalde, Germany, in March, 2018 and 51% stake in the Dutch electric mobility firm, EMOSS Mobile Systems BV, in May, 2018, via its wholly owned subsidiary PCL (International) Holding BV in Netherlands.
Ravindra Joshi, director, Precision Camshafts said, “We have come a long way from Solapur to Netherlands,” adding that the company is debt-free and the acquisitions made from its internal accruals, will help it enter into the electric mobility sector.
He pointed out that the acquisition of 51%in EMOSS has paved the way for foray into electric mobility, as EMOSS manufactures electric power trains, delivery vans and trucks. With this acquisition PCL gains access to mature markets in the space of electric mobility that includes North America, Australia and Europe, he said.
The Dutch firm is also a leader in conversion kits which help convert traditional vehicles to electric vehicles. “This technology will help us to enter the retail automotive sector and will help the enterprise to scale its operations,” he said.
The company is confident of its entry into the EV segment with net cash of Rs 135 million parked in mutual funds and sales of Rs. 700 crore for the year ended March 31, 2019, he said.
“When we started in 1992, we were dependent on just two companies - Ford and General Motors. Our acquisition in Germany was highly strategic and helped us to expand our reach beyond these two companies. Our client portfolio is now completely reworked and there is no single client dependency,” Joshi said.
In 2016, the company took a major stride with the listing of its shares on the Bombay Stock Exchange and the National Stock Exchange, and acquisition of MEMCO Engineering Pvt Limited, Nashik, in 2017, to strengthen its niche machining capabilities and to diversify its product portfolio.