Bharat Forge Subsidiary Sells 50% Stake in REFU Drive for EUR 12,500
Bharat Forge's subsidiary, Kalyani Powertrain Limited, will sell its 50% stake in REFU Drive GmbH to REFU Elektronik GmbH for EUR 12,500. The transaction is expected to conclude within six weeks. REFU Drive GmbH had a revenue of approximately ₹137 crore and a net worth of approximately ₹30.7 crore in the last financial year.
The consideration for the sale (EUR 12,500) is very small compared to Bharat Forge's overall revenue and market capitalization, indicating a minimal financial impact on the company. The divestment of a joint venture stake, especially when it is not consolidated, typically has a low impact unless it represents a core strategic shift.
The sale of a stake in a joint venture for a relatively small amount does not significantly impact the company's overall financial performance or strategic direction. While it is a divestment, the financial figures involved are minor in the context of Bharat Forge's scale.
Bharat Forge Limited announced that its wholly owned subsidiary, Kalyani Powertrain Limited (KPTL), along with the Company, has executed a Definitive Agreement dated July 22, 2026, to sell its entire 50% equity stake in REFU Drive GmbH to REFU Elektronik GmbH. The consideration for this divestment is EUR 12,500.00, subject to the terms and conditions of the agreement.
Upon completion of this transaction, REFU Drive GmbH will cease to be a joint venture of KPTL. The sale is expected to be completed within 6 weeks from the date of the agreement. REFU Elektronik GmbH, the buyer, is based in Germany and specializes in power electronics, solar photovoltaic inverters, battery energy storage systems, and energy management solutions. The buyer is not a promoter, promoter group, or group company of Bharat Forge.
This transaction is classified as a related party transaction between KPTL and REFU Elektronik GmbH. However, the consideration was determined based on an independent valuation report, and the transaction was conducted on an arm's length basis. In the last financial year, REFU Drive GmbH had a revenue of Euro 14,418,688 and a net worth of Euro (3,226,560). As REFU Drive is a joint venture, its turnover and net worth do not form part of Bharat Forge's consolidated financial statements.
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Bharat Forge Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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