Bharat Forge invests in Avaada SataraMH for purchase of solar power; stock trades flat

Bharat Forge Ltd announced that the company has agreed to invest in  Avaada SataraMH Private Limited (ASPL) for the purchase of solar power as a group captive user and further, made an investment of around Rs 2.87 crore in terms of 28,70,000 equity shares of Rs 10 each in ASPL.  

Post investment, Bharat Forge now holds an 11 per cent stake in ASPL. Previously, the company had agreed to use an aggregate of 40.70 megawatt solar power from ASPL and made an initial equity investment of around Rs 11.375 crore for the same.  

Last week, Bharat Forge’s German subsidiaries, Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH, and Bharat Forge Global Holding GmbH announced reaching a settlement with Bundeskartellamt (Federal Cartel Office), Germany’s national competition regulator.    

The investigation in connection with the two separate proceedings dated back to 2004 & 2018, which were initiated by Germany’s national competition regulator against several companies in the country including Bharat Forge’s subsidiaries.    

As per the press release, a part of the settlement i.e. Euro 32 million will be paid over the next five years. Meanwhile, the final settlement for Bharat Forge Aluminiumtechnik GmbH was signed on December 23, 2020, which stated that Bharat Forge CDP GmbH and Bharat Forge Global Holding GmbH is currently in its final stage and likely to be signed in early 2021.