Bharat Forge’s unit sold its entire 51.85% stake in its eight year old JV with China-based FAW group for Rs175 crore
Bharat Forge Ltd (BFL), said its unit sold its entire 51.85% stake in its joint venture with China-based FAW group for Rs175 crore. The company’s unit, Bharat Forge Hong Kong Ltd, has divested its entire stake in FAW Bharat Forge (Changchun) Co Ltd to FAW Corp Ltd, ending its eight year partnership with the Chinese group.
Since inception of joint venture in 2006, Bharat Forge had invested Rs178 crore in the JV in four tranches.
In a regulatory filing, Bharat Forge said, “The disinvestment will have a positive impact on BFL cash flows and profitability on a consolidated basis.”
Bhart Forge surged Monday by 5.8% to hit a 52-week high of Rs351 on the BSE. At 3.43pm, it was trading 4.2% higher at Rs345.6 on the BSE, while the 30-share Sensex was 1.8% up at 21.134.
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