Bharat Forge, one of India’s leading component manufacturer for automotive, power, aerospace, and other industries has announced to undertake electric vehicle business initiatives through Kalyani Powertrain.
On Tuesday, March 16, the Strategic Business Investment committee of the company approved the acquisition of 100 percent stake in Kalyani Powertrain Pvt Ltd (KPPL) which will serve as the Special Purpose Vehicle (SPV) for conducting Bharat Forge’s EV business.
As an initial step, the company has decided to acquire the newly formed group firm Kalyani Powertrain Pvt Ltd (KPPL), Bharat Forge said in a regulatory filing.
The newly formed company will explore both organic and inorganic opportunities in the EV space, the component giant confirmed.
All EV business of Bharat Forge will be consolidated under KPPL the company added.
- By Shraddha Kakade,
Asst. Editor, Emerging Technology News