Chennai-based MM Forgings to deploy robots to tackle labor shortage
Business
MM Forgings, an auto parts maker from Chennai, plans to deploy 100-150 robots to deal with labor shortages and keep costs in check.
CMD Vidyashankar Krishnan shared that as wages climb, automation is becoming essential: each robot could trim workforce needs by about 3%.
MM Forgings plans to invest ₹160 crore in capex
The company plans to invest about ₹160 crore in capital expenditure next fiscal on new heavy-duty presses and better machining tech, possibly upping it to ₹200 crore if business picks up.
Even though their US share of revenue has fallen from about 16-17% to around 9%, Krishnan stays upbeat, expecting a 20% growth next year thanks to a very strong US market and a healthy Indian truck market.