Vinayak Shevade Takes Over as CFO at Kinetic Engineering
Kinetic Engineering Limited (KEL) has named Vinayak Shevade as its new Chief Financial Officer, effective immediately. With over 30 years of experience in financial management, Shevade will be responsible for overseeing the company’s financial operations and executing its strategic initiatives.
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.
Founded in 1972, Kinetic Engineering has been a prominent player in India’s automotive component manufacturing industry. Over the years, the company has successfully adapted to changing market dynamics, shifting from two-wheeler production to becoming a key supplier of automotive components. In recent years, KEL has broadened its product offerings to include electric vehicle components, aligning with the industry’s move towards electrification.
The company’s current investment initiative marks its largest capital allocation in the past decade, as it seeks to capitalize on the growing demand across both traditional and electric vehicle markets.