Bharat Forge invests 11.35 million Euros in a new joint venture to make EV component

Mumbai: Automotive component maker Bharat Forge on Friday announced an investment of 11.35 million Euro (Rs 88.9 crore) into a new 50-50 joint venture with Germany’s Refu Electronik GmbH. The new entity will make components for electric and hybrid vehicles.

The investment comes close on the heels of Bharat Forge’s announcement earlier this week of completing three tranches of investment and acquiring a 48% stake in electric two-wheeler startup Torm Motors.

“Both the parties will have joint management with equal rights to appoint Board with equal capital contribution and representation. Each party as a shareholder of the proposed JVC, will have affirmative rights on certain businesses, strategic and governance matters,” Bharat Forge announced in a release.

The components to be manufactured and marketed include on-board controllers and components, mainly – drives, invertors, converters (including AC/DC) and all kind of auxiliary applications, related power electronics and battery management systems (BMS). They will be made for all type of e-mobility vehicles, which is, hybrid and electric two-wheelers, three-wheelers, cars and commercial vehicles, the Pune-based company said.


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