Bharat Forge Divests 50% Stake in REFU Drive GmbH for EUR 12,500

Bharat Forge Limited, through its wholly owned subsidiary Kalyani Powertrain Limited (KPTL), has entered into a definitive agreement to sell its entire 50% equity stake in the joint venture company, REFU Drive GmbH, to REFU Elektronik GmbH. The transaction is valued at EUR 12,500 and is expected to be completed within six weeks. This divestment will result in REFU Drive GmbH ceasing to be a joint venture of KPTL. The filing also provides details on the revenue and net worth contributed by REFU Drive GmbH in the last financial year, amounting to EUR 14,418,688 and EUR (3,226,560) respectively. The transaction is considered a related party transaction but has been conducted on an arm's length basis based on an independent valuation.