The metal forging market in India is experiencing unprecedented growth, driven by various factors that align with the core sectors of the economy. As a mature and ongoing industry with roots dating back to pre-independence, forging plays a crucial role in the automotive, defense, and agriculture sectors. The automotive industry, particularly the robust growth in the commercial and passenger vehicle segments, contributes significantly to the industry’s expansion.
In India, the penetration of forging components in the passenger vehicle segment is around 4-5 percent, compared to 30-35 percent in countries like the U.S. and China. The commercial vehicle and tractor segments also present substantial opportunities for mechanization, given the vast expanse of land in India. The nation’s ambitious goal of becoming a $5 trillion economy within the next five to seven years further fuels the demand for forging, which is intricately linked to the driving sectors of the economy. With its rich history and expertise, Him Teknoforge stands at the forefront of this transformative period.
Him Teknoforge, a stalwart in the Indian forging industry, has been shaping the nation’s industrial landscape since its humble beginnings in 1981. Founded as an ancillary to Eicher tractors in Parwanoo, the company embarked on a transformative journey that reflects its commitment to innovation, indigenization, and sustained growth.
“We’re a public limited company, and we take great pride in being part of the Indian growth story,” says Mrinal Aggarwal, Director of Operations and Marketing at Him Teknoforge. “Our main reason for growth is our employees, ethical practices, and financial partners", he further adds.
Regarding clientele, Him Teknoforge’s engagement with government clients and the defense sector showcases the company’s commitment to indigenization and innovation. A significant initiative by the Indian defense in 2003-2004 to reduce costs led to Him Teknoforge’s involvement in developing a complete track chain. The company has since collaborated with prominent entities like DRDO, contributing to India’s shift from importing to creating its designs.
However, the four-decade-long journey of the company was fraught with challenges abounding in serving clients, particularly in mass manufacturing for the defense sector. Him Teknoforge emphasizes a balance between volumes and pricing, ensuring high production and cost optimization. Bridging the gap between client expectations and challenges is crucial, and the company takes pride in its ability to meet urgent demands, such as supplying 30,000 components overnight. For Him Teknoforge, success lies not only in high volumes but also in specialization. The company excels in producing products of precise sizes, showcasing a commitment to customer needs. The delicate balance between volume and price and a focus on technology underscores the company’s dedication to sustainable growth.
The delicate balance between volume & price and a focus on technology R&D underscores Him Teknoforge’s dedication to sustainable growth
Looking ahead to 2030, Him Teknoforge has ambitious plans. The company has a history of venturing into new segments, including precision forging, electric vehicles, and defense. The electric space, in particular, holds promise, with components like electric axles and products for various markets in the pipeline. Him Teknoforge stands as a testament to India’s industrial prowess. A company deeply rooted in forging its heritage, it continues to evolve and adapt, contributing significantly to the nation’s growth story. With a blend of tradition, innovation, and a forward-looking vision, Him Teknoforge is poised to play a vital role in shaping India’s $5 trillion economy dream and beyond.
