Bharat Forge updates on JV with Dastan

Kalyani Strategic Systems Limited ("KSSL"), a wholly owned subsidiary of Bharat Forge Limited ("the Company") has incorporated a Company "Sagar-Manas Technologies Limited" ("SMTL") (CIN: U29100PN2022PLC209117) on March 07, 2022 as a wholly owned subsidiary.

SMTL has been incorporated pursuant to a Joint Venture Agreement ("Agreement") executed between KSSL and Open Joint Stock Company Dastan Transnational Corporation Ltd.("Dastan") with an aim to participate in joint upgradation and manufacturing / providing solutions for marine and defence products which will be undertaken through SMTL as a special purpose vehicle. Dastan, a Kyrgyzstan entity, is a leading multipurpose enterprise engaged in the development, manufacturing, sale of defence equipment, electronic devices, medical centrifuges, etc.

Upon completion of conditions precedent as envisaged in the Agreement, Dastan will acquire 49% of stake in SMTL. Consequently, KSSL will hold 51% and Dastan will hold 49% equity in SMTL.

Shares of Bharat Forge Limited was last trading in BSE at Rs. 614.85 as compared to the previous close of Rs. 612.60. The total number of shares traded during the day was 120519 in over 8276 trades.

The stock hit an intraday high of Rs. 618.55 and intraday low of 595.85. The net turnover during the day was Rs. 73048524.00.

Source : Equity Bulls

Keywords

BharatForge INE465A01025 KalyaniStrategicSystems JV Dastan