Bharat Forge announced that the company intends to undertake Electric Vehicle (EV) business initiatives including further opportunities (organic as well as inorganic) through a Special Purpose Vehicle (SPV) which would be a wholly owned subsidiary of the Company.
As an initial step, to form a wholly owned subsidiary, the Company decided to acquire a newly formed Company within Kalyani Group named Kalyani Powertrain (KPPL).
In this regard, on 16 March 2021, the 'Investment Committee - Strategic Business' of the Company has approved to acquire 100% stake in KPPL which shall act as the SPV to carry on the EV business.
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