Automotive component major Bharat Forge Ltd Monday said it has sold its 50 percent stake in Impact Automotive Solutions to KPIT Technologies for Rs.10.80 crore.
In a statement filed with the Bombay Stock Exchange (BSE), Bharat Forge said it has divested 50 percent stake in Impact Automotive Solutions formed in 2010 to its joint venture partner KPIT Technologies.
The Pune-based Bharat Forge had initially invested Rs.14.91 crore when Impact Automotive was formed and the sale price realised now is Rs.10.80 crore.
Impact Automotive was formed for the manufacture of hybrid solutions for automobiles.
KPIT Technologies licenses the technology to Impact Automotive while the other joint venture partner brought the manufacturing know-how, assembly capabilities and integration expertise.
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