Bharat Forge will exit its joint venture REFU Drive GmbH. The company said in its regulatory filing that its wholly owned subsidiary, Kalyani Powertrain (KPTL) has signed a definitive agreement to sell its entire 50% stake in the German company.
KPTL to sell entire stake
Under the agreement, Kalyani Powertrain will transfer its entire 50% equity stake in REFU Drive GmbH to REFU Elektronik GmbH, the other joint venture partner, for a consideration of EUR 12,500, subject to the terms of the agreement.
The transaction is expected to be completed within six weeks from the date of signing.
Following the completion of the deal, REFU Drive GmbH will cease to be a joint venture of Kalyani Powertrain.
About REFU Elektronik GmbH
REFU Elektronik GmbH is based in Pfullingen, Germany. The company specialises in power electronics, solar photovoltaic (PV) inverters, battery energy storage systems and energy management solutions.
REFU Drive GmbH reported revenue of EUR 14.42 million and a negative net worth of EUR 3.23 million in the last financial year.
Bharat Forge said the joint venture’s revenue and net worth do not form part of its consolidated financial statements.
About Bharat Forge
Bharat Forge, the flagship company of the Kalyani Group, is a global engineering company headquartered in Pune. It manufactures high-performance, safety-critical components and solutions for industries including automotive, aerospace, defence, railways, marine, oil and gas, construction, mining and industrial equipment. The company has operations across five countries and offers end-to-end capabilities ranging from design and engineering to testing, validation and advanced manufacturing.
Bharat Forge share price
The share price of Bharat Forge is trading flat in the intraday tradings session. The stock has increased 17.32% in last three months. On year-to-date (YTD) basis, Bharat Forge has gained 50.06%.