Kinetic Engineering Limited (KEL) has appointed Vinayak Shevade as its Chief Financial Officer, effective February 17, 2025. Shevade, who brings over 30 years of financial management experience, will oversee the company's financial operations and strategy implementation.
The appointment comes as KEL embarks on a Rs 177 crore investment plan focused on working capital enhancement, manufacturing expansion, and electric vehicle component development. The company aims to achieve Rs 1,000 crore in revenue by 2029.
"I am honored to take on this role at KEL," said Shevade. "My priority is to strengthen the company's financial position by improving turnover, EBITDA, and net profit over the next two years." Prior to this appointment, Shevade held senior financial positions at Kinetic Honda Motor Limited and Mahindra Two Wheelers Limited.
KEL Vice Chairman and Managing Director Ajinkya Firodia said Shevade's financial expertise would help advance the company's strategic objectives.
Shevade, a Chartered Accountant and Commerce graduate from Mumbai University, has extensive experience in financial planning, risk management, and regulatory compliance.
Kinetic Engineering, established in 1972, has been a significant player in India's automotive component manufacturing sector. The company has navigated various market cycles, transitioning from two-wheeler manufacturing to becoming a key supplier of automotive components. In recent years, KEL has focused on expanding its product portfolio to include electric vehicle components, responding to the automotive industry's shift toward electrification.
The company's current investment initiative represents its largest capital allocation in the past decade, as it positions itself to capitalize on growing demand in both traditional and electric vehicle segments.