Bharat Forge arm sells entire stake held in REFU Drive GmbH

Bharat Forge’s wholly owned subsidiary -- Kalyani Powertrain (KPTL) has sold its entire 50% stake held in REFU Drive GmbH (REFU), a joint venture company of KPTL and REFU Elektronik GmbH, to REFU Elektronik GmbH. With this, REFU has ceased to be a joint venture of KPTL. Ealrier, KPTL along with the company had executed a Definitive Agreement with REFU. Under the agreement, KPTL agreed to sell and transfer its entire 50% equity stake, held in REFU to REFU Elektronik GmbH for a consideration of 12,500 euro. Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.