Bharat Forge consolidates EV business
The company has got order from a global EV player for supply if aluminium castings.
Bharat Forge has decided to consolidate its electric vehicle (EV) business initiatives under Kalyani Powertrain Limited (KPL), a wholly-owned subsidiary of the company. The company’s Investment Committee - Strategic Business' of the company - approved the transfer of Bharat Forge's stake in Refu Drive GmbH, a JV company, to KPL subject to necessary approvals from regulatory authorities, the company said in a regulatory statement filing.
The current stake in Refu was acquired by the company by entering into a JV agreement with Refu Electronik GmbH, Germany and its affiliates. Refu is into the development, manufacturing and selling on board controllers and components mainly which include drives, invertors, converters (including AC/DC) and related power electronics and battery management (BMS) amongst others. for all e-mobility vehicles.
The Pune-based company recently announced new orders amounting to over Rs 1000 crore in fiscal 2022 across auto and industrial segments at its domestic operations while another USD 150 million across steel and aluminium forging operations at its international centres. Out of a Rs 1,000 crore order book for Indian operations, close to about 50 percent of it for EV-related components, which is likely to get fully ramped up by fiscal 2024. Further, the company also bagged new orders from a global marquee EV OEM towards supplying aluminium castings and its maiden order from an Indian OEM for supply of DC-DC converters catering to a CV player, the company said in an investor call held on May 16.
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