Business Update18 Jun 2024, 10:53 pm
Bharat Forge Invests $40 Million in Bharat Forge Aluminum USA for Aluminum Forging Facility
AI Summary
Bharat Forge Ltd. has invested USD 40 million in Bharat Forge America Inc. (BFA), a wholly owned subsidiary, for further investment in Bharat Forge Aluminum USA Inc. (BFAL). The investment is intended for BFAL's capital expenditure for an aluminum forging facility. BFAL, a wholly-owned step-down subsidiary of Bharat Forge Limited, had a turnover of USD 60.73 million for the period April 2023 — March 2024. The transaction is a related party transaction and will be on an arm's length basis. The investment is expected to be completed by June 21, 2024.
Key Highlights
- Bharat Forge invests $40 million in Bharat Forge America Inc.
- Investment intended for Bharat Forge Aluminum USA Inc.'s aluminum forging facility.
- BFAL is a wholly-owned step-down subsidiary of Bharat Forge Limited.
- Transaction is a related party transaction and will be on an arm's length basis.
- Investment expected to be completed by June 21, 2024.