Acquisitions13 Dec 2024, 11:35 pm
BHARAT FORGE Subsidiary to Acquire 25% Stake in Italian Marine Robotics Firm Edgelab S.p.A
AI Summary
BHARAT FORGE LTD. has announced that its wholly-owned subsidiary, Kalyani Strategic Systems Limited (KSSL), has entered into a Cornerstone Investment Agreement with Edgelab S.p.A, an Italian company specializing in designing and manufacturing high-tech vehicles in the field of marine robotics. KSSL will invest in Edgelab's proposed initial public offer, acquiring 25% of its equity share capital. This acquisition does not fall under related party transactions and is expected to provide manufacturing opportunities and synergies for BHARAT FORGE in the global market, including in India. The acquisition is subject to completion of condition precedents and regulatory approvals.
Key Highlights
- BHARAT FORGE's subsidiary to acquire 25% stake in Edgelab S.p.A
- Edgelab specializes in design and manufacture of Autonomous Underwater Vehicles
- Acquisition to provide manufacturing opportunities and synergies for BHARAT FORGE
- Subject to completion of condition precedents and regulatory approvals
- Edgelab had a turnover of €1,889,487 in FY 2023