Bharat Forge To Consolidate Electric Vehicle Initiatives Under One Company

In Products, Clean News, Electric Mobility, News
bharat forge
Bharat Forge
Auto components firm Bharat Forge intends to undertake electric vehicle (EV) business through a special purpose vehicle, which would be a wholly-owned subsidiary of the company.

As an initial step, the company has decided to acquire newly formed group firm Kalyani Powertrain Pvt Ltd (KPPL), Bharat Forge said in a regulatory filing.

The newly formed subsidiary will look at organic and inorganic opportunities in the EV space, the Pune-based forging giant said in a statement.

The objective of KPPL will be to engage in and conduct the business of scientific, technical and other research and development in any field, particularly in the field of electric mobility including electric powertrain transmissions systems and other strategic areas and other technologies.

The investment committee (Strategic Business) of the company approved acquisition of 100 per cent stake in KPPL which shall act as the SPV to carry on the EV business, it added.

The company intends to consolidate its EV initiatives under one single wholly-owned subsidiary, it said.

This is a PRNewswire Feed; edited by Clean-Future Team

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