Bharat Forge Limited

Transaction Details

Kalyani Powertrain Limited (KPTL), a wholly owned subsidiary of Bharat Forge Limited, along with Bharat Forge Limited, executed a Definitive Agreement dated July 22, 2026 with REFU Drive GmbH (a joint venture company of KPTL and REFU Elektronik GmbH) and REFU Elektronik GmbH.

Under the agreement, KPTL has agreed to sell and transfer its entire 50% equity stake in REFU Drive GmbH to REFU Elektronik GmbH for a consideration of EUR 12,500.00. The consideration is subject to the terms and conditions set out in the Agreement.

Financial Information of REFU Drive GmbH

  • Revenue for last financial year: EUR 14,418,688
  • Net Worth for last financial year: EUR (3,226,560) (negative)
  • REFU Drive GmbH's turnover and net worth do not form part of the consolidated financial statements of Bharat Forge Limited

Transaction Timeline

  • Agreement execution date: July 22, 2026
  • Expected completion date: Within 6 weeks from the date of agreement
  • Consideration receipt: EUR 12,500.00 will be received on closing

Counterparty Information

Buyer: REFU Elektronik GmbH

  • Incorporated and headquartered at Pfullingen, Germany
  • Specializes in power electronics, solar photovoltaic (PV) inverters, battery energy storage systems, and energy management solutions
  • Does not belong to the promoter/promoter group/group companies of Bharat Forge Limited

Related Party Transaction Status

The transaction constitutes a related party transaction between KPTL and REFU Elektronik GmbH. The consideration for sale has been determined based on an independent valuation report, and the transaction was undertaken on an "arm's length" basis.

Post-Transaction Impact

Upon completion of the transaction, REFU Drive GmbH shall cease to be a joint venture of Kalyani Powertrain Limited.

Additional Information

The transaction does not fall within Scheme of Arrangement provisions (Regulation 37A of LODR Regulations not applicable).

The disclosure was signed by Tejaswini Chaudhari, Company Secretary & Compliance Officer (Membership No.: A18907) of Bharat Forge Limited.