Feb 8: Pune-based auto ancillary and defence products firm Bharat Forge Ltd (BFL) on Thursday announced a strategic investment of up to Rs 30 crore for eventual stake of 45% in an EV startup, Tork Motorcycles.
“Bharat Forge is making a strategic investment in Tork Motorcycles as a part of its overall E-Mobility powertrain development. Tork’s strength lies in its in-house team that has designed, developed and built the complete electric motorcycle. Their knowledge in the overall EV powertrain development will help Bharat Forge gain access to technologies in personal E-mobility space,” the company said in a statement.
Founded by Kapil Shelke, Tork Motorcycles is India’s first, premium electric motorcycle company.
Commenting on the investment, Amit Kalyani, Executive Director, Bharat Forge, said, “together with the recent investment in the R&D setup at Mira, UK, Bharat Forge is strategically aligning to develop solutions across the entire spectrum from low voltage powertrains in personal mobility to high voltage applications for commercial vehicles. This strategic investment will enable BFL to develop components/ sub systems to address the huge potential in the Indian personal mobility space driven by regulatory push through various initiatives and the increasing economic viability of electric vehicles.”
Bharat Forge is the flagship company of the $2.5-billion Kalyani Group, and a global supplier of high performance, innovative, safety and critical component and solutions to various industrial sectors including automotive, railways, power, construction, mining, aerospace, marine and oil and gas.
BFL shares surged more than 6% on BSE intraday today after the news came in. At 1.21 pm, the Rs 2 face value shares were trading at Rs 744.60, up 5.45% from the previous closing of Rs 706.10.