The company intends to consolidate its EV initiatives under one single wholly-owned subsidiary.The auto components firm on Tuesday said it intends to undertake electric vehicle (EV) business through a special purpose vehicle (SPV), which would be a wholly-owned subsidiary of the company. As an initial step, the company has decided to acquire newly formed group firm Kalyani Powertrain (KPPL), Bharat Forge said in a filing.
On Tuesday, the investment committee (strategic business) of the company approved acquisition of 100% stake in KPPL which shall act as the SPV to carry on the EV business, it added. The acquisition was completed on 16 March 2021. The company acquired 1,000 equity shares of face value of Rs 10 at a consideration of Rs 10,000.
Kalyani Powertrain was incorporated on 26 September 2020, with its registered office in Pune, India. It has been formed with an object of development of electric powertrain transmission systems for automotive sector.
Further, the main object of KPPL shall be changed from its current objective of developing electric powertrain transmission systems for automotive sector.
The new objective of KPPL will include research and development in the field of electric mobility including electric powertrain transmissions systems and other strategic areas and other technologies.
Bharat Forge is a technology driven global provider critical components and solutions to various industrial sectors including automotive, railways, power, construction & mining, defence, aerospace, marine and oil & gas.
Bharat Forge reported a consolidated net loss of Rs 210.44 crore in Q3 FY21 as against net profit of Rs 40.43 crore in Q3 FY20. Revenue from operations fell 6% YoY to Rs 1723.11 crore during the quarter.
Shares of Bharat Forge were up 1.86% at Rs 622.20 on BSE.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)