Bharat Forge along with its two subsidiaries i.e. J S Auto Cast Foundry India (wholly-owned step-down subsidiary) and Kalyani Centre for Precision Technology (wholly-owned subsidiary), have each entered into share subscription and shareholders agreements (SSSHA) with special purpose vehicles (SPVs) of Sunsure Energy for off-taking renewable energy under the group captive scheme as per the Electricity Act, 2003.
These SSSHAs have been executed in line with the respective Power Purchase Agreements (PPA), with the agreed acquisition of paid-up equity share capital of the SPVs of Sunsure Energy.
Bharat Forge is acquiring 15.64% of the paid-up equity share capital of Sunsure Solarpark Twenty Eight (Sunsure 28). J S Auto Cast Foundry is acquiring 31.57% of the paid-up equity share capital of Sunsure Solarpark Twenty Three (Sunsure 23), while Kalyani Centre for Precision Technology is acquiring 15.64% of the paid-up equity share capital of Sunsure 28.
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.
