Bharat Forge enters into JV agreement with Refu Electronik GmbH

Bharat Forge has entered into a Joint Venture Agreement (JV Agreement) with Refu Electronik GmbH, Germany and its Affiliates/Promoters (REFU) on June 6, 2019 for incorporating a Joint Venture Company, under the laws of Germany for developing, manufacturing and selling on board controllers and components mainly - drives, invertors, converters (including AC/DC) and all kind of auxiliary applications, related power electronics and battery management (BMS), etc. for all quality of e-mobility vehicles viz, hybrid and electric 2-wheelers, 3-wheelers, cars and commercial vehicles.

In the proposed Joint Venture Company (JVC), the company will hold 50% of stake by making an investment of EUR 11.35 Million by way of equity shares at nominal value of Euro 1, subject to fulfilment of conditions in Share Purchase Agreement and JV Agreement between the parties.

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.