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Bharat Forge to invest Rs 300 mn for 45% stake in EV startup TORK Motors

TORK is an electric drivetrain company focused on electric two-wheelers and premium electric motorcycles

Press Trust of India  |  New Delhi 

Bharat Forge: Weak demand dents performance

Auto components major 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 is an electric drivetrain company focused on 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," 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.

First Published: Thu, February 08 2018. 23:30 IST
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