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Bharat Forge in focus after entering in JV with REFU

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

said that the company at its Automotive Sector and Farm Equipment Sector, and 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 of has levied a penalty of Rs two crore on the 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 for achieving promoter dilution as per the timelines stipulated. The bank is examining the order.

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

The committee of has fixed the record date as 19 June 2019 for the purpose of of equity shares of the company.

Atul had signed a Agreement on 1 March 2012 with Elkay Kimyasal Maddeler TIC. A.S. based in (Eikay) for promoting in 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 10 2019. 08:47 IST