The company intends to consolidate its EV initiatives under one single wholly-owned subsidiary.The auto components firm on Tuesday said it intends to undertake electric vehicle (EV) business through a special purpose vehicle (SPV), which would be a wholly-owned subsidiary of the company. As an initial step, the company has decided to acquire newly formed group firm Kalyani Powertrain (KPPL), Bharat Forge said in a filing.
On Tuesday, the investment committee (strategic business) of the company approved acquisition of 100% stake in KPPL which shall act as the SPV to carry on the EV business, it added. The acquisition was completed on 16 March 2021. The company acquired 1,000 equity shares of face value of Rs 10 at a consideration of Rs 10,000.