Auto components firm Bharat Forge today said its German subsidiary BFAT has won a euro 250 million multi-year contract from a firm in Germany for supplying suspension components.
"Bharat Forge Aluminumtechnik GmbH & Co KG (BFAT) has won a prestigious multi-year contract worth euro 250 million from a German OEM for supply for suspension components," the company said in a BSE filing.
Bharat Forge Chairman and Managing Director Baba N Kalyani said: "This win has been made possible because of continuous focus on innovation, technology adaptation and execution track record of BFAT and will enhance our presence in the fast growing aluminium components business which is finding increasing use in passenger vehicles for weight reduction and high performance."
The company said it is increasing its capacity by adding a new press line with all auxiliary equipment including melting which will be commissioned in January 2015.
"This plant is being set up in the state of Saxony at Brand-Erbisdorf at cost of euro 31 million funded by way of internal accruals, debts and state subsidies," it said.
