Bharat Forge in focus after entering in JV with REFU

Bharat Forge has entered into a Joint Venture Agreement (JVA) with Refu Electronik GmbH, Germany and its Affiliates / Promoters (REFU) on 6 June 2019. The JVA for incorporating a Joint Venture Company, under the laws of Germany for developing, manufacturing and selling on board controllers and components mainly - drives, invertors, converters (including AC/DC) and all kind of auxiliary applications, related power electronics and battery management (BMS), etc. for all quality of e-mobility vehicles viz, hybrid and electric 2-wheelers, 3-wheelers, cars and commercial vehicles.

M&M said that the company at its Automotive Sector and Farm Equipment Sector, and Mahindra Vehicle Manufacturers, a wholly owned subsidiary of the company (MVML), as part of aligning its production with sales requirements, would be observing ''No Production Days'' ranging between 5 - 13 days in various plants of the Company and MVML during the first quarter of the Financial Year 2019-2020.

The Reserve Bank of India has levied a penalty of Rs two crore on the bank. The penalty is for failure to comply with RBI's directions to submit details of the promoter shareholding, the proposed course of action/ plans/ strategy by the bank, and not conveying the commitment of the bank for achieving promoter dilution as per the timelines stipulated. The bank is examining the order.

MOIL has got environmental clearance for Mn. Ore mine in an area of 48.974 hectares for additional production capacity of 1,20,000 tonnes per annum. This area is adjacent to Ukwa mine of the company. Total reserve of this new lease area is estimated at 3.8 Million tons.

The buyback committee of K.P.R. Mill has fixed the record date as 19 June 2019 for the purpose of buyback of equity shares of the company.

Atul had signed a Joint Venture Agreement on 1 March 2012 with Elkay Kimyasal Maddeler SAN. TIC. A.S. based in Turkey (Eikay) for promoting stone care chemicals in India. In view of changed circumstances and subsequent experience, it became clear that the Joint Venture was beneficial to neither and the parties terminated the Joint Venture Agreement on 7 June 2019 by mutual consent.

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