Pune-based Auto firm Bharat Forge will acquire U.S.-based Walker Forge Tennessee LLC (WFT) for worth $14 million (around Rs.95 crore). This initiative will spread its product range in automotive and other industrial sectors across the country.
Company said,“The company’s finance and risk management committee has agreed the proposed purchase of 100 per cent shareholding of WFT through its US subsidiary, Bharat Forge America.”
“The acquisition of Walker Forge Tennessee creates a strategic manufacturing footprint in North America to leverage our existing customer relationships while simultaneously enabling the company to address new end—market segments and broaden the product portfolio,” Bharat Forge Chairman and Managing Director Baba N Kalyani said.
The agreement is signed for worth $14 million and the money will be funded through internal accruals and debt.