Bharat Forge Limited informed the BSE that, in order to house all defence related businesses/ investments of the Company under one entity, the ‘Investment Committee – Strategic Business’ of the Company at its meeting held on September 30, 2022, has approved the transfer of the Company’s stake in Analogic Controls India Limited (“ACIL”) to Kalyani Strategic Systems Limited, (“KSSL”) wholly-owned subsidiary of the Company.
The statement said that the Company has decided to house all its defence business initiatives under KSSL, a wholly-owned subsidiary of the Company, for a better strategic alignment. The Company has thus approved the transfer of the Company’s stake in ACIL to KSSL in consideration of subscription of equity shares of the KSSL by the Company.
There is no benefit to the promoter/promoter group/group companies from the proposed internal restructuring. KSSL & ACIL are wholly-owned subsidiaries of the Company. Subsequent to this transfer of shares, ACIL will be become a wholly-owned subsidiary of the KSSL and a step down subsidiary of the Company.
Source: BSE