Bharat Forge announced that in September 2021, the company's stake of 48.86% in Tork Motors (Tork) was transferred to Kalyani Powertrain (KPL), wholly owned subsidiary of the company. This transfer of stakeholding was made in pursuance of the company's decision to house all its electric vehicle business initiatives under KPL and to strengthen it further.
Further, KPL also exercised the option to convert its holding of Zero Coupon Optionally Convertible Debentures (ZOCD) of Tork into equity shares by serving a Conversion Notice, pursuant to the terms of the said ZOCD.
Post allotment of equity shares by Tork to KPL on 22 November 2021 owing to the said conversion, the stake of KPL in Tork has increased to 60.66%. Consequently, Tork has become a subsidiary of KPL and step-down subsidiary of the Company.
Tork is an electric drive train Company mainly focused on electric two wheelers and/or premium electric motorcycles and has its presence in the automobile industry.
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