Bharat Forge Ltd, a major auto component manufacturer, stated on Friday (December 13) that its wholly-owned subsidiary Kalyani Strategic Systems Ltd will invest €2.5 million to purchase a 25% equity share in Italy-based Edgelab SpA. The acquisition will take place through a cornerstone investment agreement signed on December 13, 2024, as part of Edgelab’s proposed initial public offering (IPO).
Edgelab, founded in 2010 and headquartered in La Spezia, is a cutting-edge SME specializing in the design and manufacture of high-tech marine robotic vehicles for a wide range of applications, including scientific research, archaeology, undersea, offshore applications, underwater professional and port area control.
Edgelab’s revenue for the fiscal year ending December 2023 was €1.89 million, demonstrating consistent increase over the previous three years. The company’s revenues for FY2022 and FY2021 were €1.10 million and €1.11 million, respectively.
Subject to the terms of the agreement, the acquisition does not require any further official approvals in India, with the exception of compliance with the Foreign Exchange Management Act (FEMA).
Bharat Forge announced their Q2 results for 2024 on November 14, 2024. The company’s topline fell 2.27% year on year, but profits increased by 7.2%. The profit for the quarter was ₹243.59 Crore, with total revenue of ₹3688.51 Crore. Revenue fell 10.17% from the previous quarter, but profit increased 20.11%.
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