One of world's largest forging companies Bharat Forge today said it was reorganising operations of its European subsidiaries for better management.
"With a view to streamline the operations of European subsidiaries, CDP Bharat Forge GmbH, Germany (CDP BF), a direct subsidiary, has undertaken a corporate reorganisation", said a company statement.
Such restructuring will facilitate fiscal consolidation, tax consolidation, efficient management and reduction in cost of compliance, the Pune-based company further added.
In the first phase the manufacturing operations of CDP Bharat Forge have been transferred to a new subsidiary company in Germany which is Bharat Forge CDP GmbH (BF CDP), CDP BF has been renamed as Bharat Forge Global Holding GmbH (BF GH) and this entity will continue to serve as the holding company for Bharat Forge's investments in Europe.
"In relation to this new structure, the consequent changes (including any changes to the legal form) to the other entities within the group are being implemented", added the company.
