Bharat Forge forms special purpose vehicle to hold its EV business, future acquisitions

Auto component and defence equipment major Bharat Forge on Tuesday said that it has acquired Group company Kalyani Powertrain Private Limited (KPPL) and will be converting it into a special purpose vehicle under which it will consolidate its entire electric vehicle (EV) business.

KPPL was formed to develop electric powertrain transmission systems for the automotive sector. Now it will hold all of Bharat Forge’s future EV initiatives including acquisitions.

"The Company intends to consolidate its EV initiatives under one single wholly-owned subsidiary," the company said in a notice to the stock exchanges.