On July 23, 2026, Bharat Forge Limited announced the divestment of its 50% equity stake in REFU Drive GmbH, a joint venture with REFU Elektronik GmbH, as per the exchange filings.
This transaction is executed through its wholly-owned subsidiary, Kalyani Powertrain Limited.
On July 22, 2026, Kalyani Powertrain Limited entered into a definitive agreement to sell its entire stake in REFU Drive GmbH to REFU Elektronik GmbH. The sale is valued at €12,500, subject to the terms and conditions outlined in the agreement.
REFU Elektronik GmbH, based in Pfullingen, Germany, specialises in power electronics and energy management solutions. This transaction will result in REFU Drive GmbH ceasing to be a joint venture of Kalyani Powertrain Limited.
For the last financial year, REFU Drive GmbH reported a revenue of €14,418,688 and a net worth of €(3,226,560). However, these figures do not form part of Bharat Forge’s consolidated financial statements.
The transaction is expected to be completed within 6 weeks from the date of the agreement. The sale is classified as a related party transaction and has been conducted on an arm's length basis, as determined by an independent valuation report.
The buyer, REFU Elektronik GmbH, does not belong to the promoter or group companies of Bharat Forge. The transaction does not fall within a scheme of arrangement, and there are no slump sale disclosures applicable.
As of July 23, 2026, at 9:51 AM, Bharat Forge share price on NSE was trading at ₹2,176.80, down by 0.40% from the previous closing price.
Bharat Forge, through Kalyani Powertrain Limited, has divested its 50% equity stake in REFU Drive GmbH for €12,500. This transaction involves REFU Elektronik GmbH and is expected to conclude within 6 weeks.
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Published on: Jul 23, 2026, 10:20 AM IST
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