Business Update23 Aug 2024, 12:13 am
BHARAT FORGE Invests in Wholly Owned Subsidiary Kalyani Powertrain Limited for EV and E-mobility Solutions
AI Summary
BHARAT FORGE Ltd. has approved additional investment in its wholly owned subsidiary, Kalyani Powertrain Limited (KPTL), which houses electric vehicle (EV) and e-mobility initiatives of the Company. KPTL had a turnover of Rs. 649 million for the FY 2023-24. The investment is in the nature of Related Party Transactions and will be on an arm's length basis. No promoter/promoter group/group companies have any interest in the proposed investments. The investment is towards the strategic initiatives of the Company to house all the e-mobility initiatives of the Company under KPTL. The investment will be completed on or before September 30, 2024, and will be in the form of cash consideration.
Key Highlights
- BHARAT FORGE to invest in Kalyani Powertrain Limited (KPTL).
- KPTL is a wholly owned subsidiary of BHARAT FORGE and houses EV and e-mobility initiatives.
- KPTL had a turnover of Rs. 649 million for the FY 2023-24.
- The investment is in the nature of Related Party Transactions and will be on an arm's length basis.
- The investment is towards the strategic initiatives of the Company to house all the e-mobility initiatives of the Company under KPTL.