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Auto components major Bharat Forge on Thursday said it will make a strategic investment of up to Rs 300 million to acquire 45 per cent stake in Pune-based electric vehicle (EV) startup TORK Motors. TORK is an electric drivetrain company focused on electric two-wheelers and premium electric motorcycles. "The investment committee of the company has approved the acquisition of 4,736 equity shares of Rs 10 each at a premium of Rs 21,103 each and 2,841 preference shares of Rs 100 each at a premium of Rs 21,013 as an initial subscription," Bharat Forge said in a BSE filing. In a separate filing, the company said it will make a strategic investment of up to Rs 300 million for acquisition of 45 per cent stake in TORK.
The company will acquire stake in three tranches based on achieving various milestones from time to time.