Bharat Forge’s 5,000 hectares multi-product SEZ near Pune has been put on hold till there is clarity on the awaited change in the rules by the Centre. The Maharashtra Industrial Development Corporation (MIDC) has acquired 1,700 hectares for the SEZ, which is being developed as a 76:24 joint venture between Bharat Forge and MIDC. Acquisition of the remaining 3,300 hectares has been deferred till the new regulations are formulated.
The company’s net profit for the fourth quarter ended March 31, 2012 fell by 45.24% to Rs 55.12 crore as compared to Rs 100.65 crore for the quarter ended March 31, 2011. However, the total income has increased by 18.40% to Rs 991.61 crore for the quarter under review from Rs 837.49 crore for the corresponding quarter of the previous year.
