Bharat Forge has received approval to transfer of its stake in Refu Drive GmbH (Refu), Joint Venture (JV) company, to Kalyani Powertrain (KPL). The company has decided to consolidate its EV business initiatives under KPL, a wholly-owned subsidiary of the Company, for a better strategic alignment.
The current stake in Refu was acquired by the Company by entering into a Joint Venture Agreement with Refu Electronik GmbH, Germany and its affiliates. Refu is in the business of development, 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 e-mobility vehicles viz. hybrid and electric 2-wheelers, 3-wheelers, cars and commercial vehicles. The Company has approved the same transfer of the Company's stake in Refu to KPL in consideration of subscription of equity shares of the KPL by the Company. Through this transfer of shares, Refu will become an associate company of KPL.
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.
