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.