 "Bharat Forge sells 50% stake in Impact Automotive Solutions")
"The company has divested its 50 per cent stake in Impact Automotive Solutions Ltd," Bharat Forge said in a BSE filing today.
The JV, with KPIT Technologies, was formed in 2010 to manufacture hybrid solutions for automobiles.
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"The stake was sold by the company to the other JV partner KPIT Technologies for Rs 10.80 crore against an initial investment of Rs 14.91 crore," it added.
Under terms of the JV, KPIT licensed the technology to the JV, while Bharat Forge brought in essential manufacturing know-how, assembly capabilities and integration expertise.
Shares of Bharat Forge were trading at Rs 862.10 apiece in the afternoon trade, up 0.43 per cent from its previous close on the BSE.