Bharat Forge has entered into a share subscription agreement with Aeron Systems and its founders on May 21, 2019, agreeing to subscribe to 97,500 equity shares of Rs 10 each for a stake of 26%. The Subscription is agreed to be subscribed in three tranches.
Aeron is engaged in the business of manufacturing of technology products such as Inertial Navigation Systems (INS) and LoT devices for industries such as Aerospace and Defence, Automotive, Renewable energy and Industry 4.0. This venture will help the Company to gain access to technologies in defence and aerospace sector. Total purchase consideration for 26% stake in Aeron is agreed at Rs 10 crore.
Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.