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Bharat Forge fully acquires Nouveau Power as SPV for acquisition of Sanghvi Forging

The acquisition of NPIPL has been completed on May 05, 2021. Total 10,000 equity shares of the face value of Rs10/ each have been acquired at a consideration of Rs1 lakh only by the company.

May 06, 2021 4:17 IST | India Infoline News Service
Bharat Forge
Bharat Forge Limited has fully acquired a company within the Group named Nouveau Power & Infrastructure Private Limited (NPIPL) as a Special Purpose Vehicle (SPV) for a better strategic alignment to undertake the acquisition of Sanghvi Forging & Engineering Limited (SFEL).

The company said the acquisition is as per the Resolution Plan approved by National Company Law Tribunal, Ahmedabad Bench (NCLT) for acquisition of SFEL in terms of the provision of Insolvency and Bankruptcy Code, 2016 (IBC).

The acquisition of NPIPL has been completed on May 05, 2021. Total 10,000 equity shares of face value of Rs10/ each has been acquired at a consideration of Rs1 lakh only by the company.

Bharat Forge Ltd trade on Thursday ended at Rs644.60 per piece up by Rs5.15 or 0.81% from its previous closing of Rs639.45 per piece on the BSE.

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