Bharat Forge, the Pune-based multinational with a presence across automotive, power, oil and gas, construction and mining, rail, marine and aerospace, has today announced establishment of a new wholly owned subsidiary ‘Indigeneous IL’ in Israel.

The company has invested Rs 1.9 crore in the new subsidiary, which will focus on exploring targets in the technology space and also tie up with universities/technology institutions in further upgrading research and developmental initiatives in various new technologies.

This announcement comes within a week after the Pune-based company’s announced that it had established a new R&D Centre in MIRA Technology Park, UK for development of components and sub-systems for electric vehicles.

Bharat Forge has not yet revealed much details regarding the Israeli venture and its operations, but it is safe to assume the company would look to bank upon the advanced technology research in the country.