New Delhi: Auto components firm Bharat Forge has sold a 50 per cent stake in its joint venture company Impact Automotive Solutions Ltd for Rs 10.80 crore.
"The company has divested its 50 per cent stake in Impact Automotive Solutions Ltd," Bharat Forge said in a filing to the BSE on Monday.
The JV, with KPIT Technologies, was formed in 2010 to manufacture hybrid solutions for automobiles.
"The stake was sold by the company to the other JV partner KPIT Technologies for Rs 10.80 crore against an initial investment of Rs 14.91 crore," it added.
Under terms of the JV, KPIT licensed the technology to the JV, while Bharat Forge brought in essential manufacturing know-how, assembly capabilities and integration expertise.
As of 2:10 p.m., shares in Bharat Forge were trading at Rs 860.00 apiece on the BSE, up 0.19 per cent from the previous close.