The company said that this investment falls within the pre-approved limits of the board resolution dated 14 November 2022.
The funds are intended for further investment by BFA into its wholly-owned subsidiary - Bharat Forge Aluminum USA Inc. (BFAL), to facilitate BFAL’s capital expenditure for aluminum forging facility, the company stated.
BFAL produces and supplies aluminum automotive components for the auto industry. BFAL had a turnover of $60.73 million for the period April 2023 – March 2024.
Accordingly, the investment by the company in BFA and the proposed investment in BFAL is to facilitate BFAL’s capital expenditure for aluminum forging facility and is in furtherance of BFAL’s main line of business, the company stated in the press relase.
The company will continue...
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