Bharat Forge Limited is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.
 | |
 Bharat Forge Headquarters, Pune Cantonment | |
| Company type | Public |
|---|---|
| ISIN | INE465A01025 |
| Industry | |
| Founded | 19 June 1961[1] in Mumbai[2] |
| Founder | Nilkanthrao A. Kalyani |
| Headquarters | Pune Cantonment, , India[3] |
Area served | Worldwide |
Key people | Baba Kalyani (Chairman) |
| Products | Front axle assembly & components, general engineering equipment, hydraulic & mechanical presses, bandsaw machines for cutting metallic rounds, couplings and material handling equipment; |
Production output | 163,198 Mt[4] (FY21) |
| Revenue |  ₹10,460 crore (US$1.3 billion)[5] (FY22) |
| ₹1,250.7 crore (US$150 million) (FY22) | |
| ₹1,081.75 crore (US$130 million) (FY22) | |
| Total assets | ₹13,177.84 crore (US$1.6 billion)[6] (FY21) |
| Total equity | ₹8,660.11 crore (US$1.0 billion)[6] (FY21) |
| Owner | Kalyani Group (44.76%)[7] |
Number of employees | 4,892[4] (FY21) |
| Subsidiaries |
|
| Website | bharatforge |
History
editThe company was founded by Nilkanthrao A. Kalyani on 19 June 1961. Headquartered in Pune, Maharashtra, it is the flagship company of the Kalyani Group. Bharat Forge's Special Economic Zone (SEZ) named Khed City is spread over an area of 1,000 hectares (4200 acres) in Khed taluka, and is the largest SEZ in Pune district.[8][9][10] It was the first company promoted by the Kalyani Group and remains the Group's flagship company.[11] The current chairman of the company is the founder's son, Baba Kalyani.
Bharat Forge's products include front axle beams, steering knuckles, connecting rods and crankshafts. The new strategy is to augument a strong global footprint in Lightweight materials.[12] As part of its risk mitigation efforts, Bharat Forge diversified into a variety of industrial sectors including oil & gas, infrastructure, and marine. Some of BFL's largest customers include Daimler Group, VW Group, Meritor and Dana etc. The company also has an extensive collaboration with major truck manufacturers.[citation needed]
Bharat Forge's Investment and Windmills divisions were demerged to a new company named BF Utilities Limited on 15 September 2000.[13]
Bharat Forge recorded an all-time revenue high of ₹10,146 crore (US$1.2 billion) in 2019. The company's market capitalization reached an all-time high of ₹5,415 crore (US$650 million) in 2021.[14]
In October 2024, Bharat Forge acquired AAM India Manufacturing (AAMIMCPL), a subsidiary of American Axle & Manufacturing Holdings, for ₹544.5 crore.[15]
Manufacturing
editCurrently Bharat Forge is the "world’s largest single location forging facility consisting of fully automated forging press lines and state-of-the-art machining facility."[16] It has manufacturing operations in four locations:
Subsidiaries
editBharat Forge Kilsta, Bharat Forge CDP, and BF Aluminiumtechnik are the company's Europe-based forging units.[17] Other subsidiaries of Bharat Forge include:
Kalyani Strategic Systems
editKalyani Strategic Systems Ltd. (KSSL) is a defence manufacturer that supplies components and subsystems to the Indian Armed Forces, and exports to other countries. The company holds an Industrial License under the Arms Act, 1959. In May 2021, Bharat Forge announced that it would raise its stake in KSSL from 51% to 100%.[18]
It provides a range of products including Artillery Systems, Protected Vehicles, Armored Vehicles Upgrades, Ammunition, Missiles, and Air Defense solutions.[19] Kalyani Strategic Systems bought a 51% share in Indian subsidiary of Zorya Mashproekt. On 9 May 2023 the company signed the acquisition agreement. The acquisition process was finished on 31 December 2023.[20][21] Indian Navy has consulted Bharat Forge to develop and supply marine gas turbine engine given the Russo-Ukrainian War that has impacted Zorya-Mashproekt, the primary supplier.[22]
According to reports that emerged on 14 May 2024, Bharat Forge is developing an Infantry Combat Vehicle under Indian Army's futuristic infantry combat vehicles (FICV) programme on par with DRDO Abhay IFV. Bharat Forge is also developing a Light Tank under 25 tonnes to compete L&T's Zorawar Tank in the Army's light tank programme.[23]
Kalyani Rafael Advanced Systems
editKalyani Rafael Advanced Systems (KRAS) is joint venture between KSSL and Israeli defence company Rafael Advanced Defense Systems established in 2015.[24][25] KSSL holds a 51% stake, while Rafael holds the remaining 49%.[26] The Kalyani Group claimed that it was the first private sector advanced defence subsystems manufacturing company in India. KRAS manufactures electro-optics, remote weapon systems, precision guided munitions and system engineering for system integration. KRAS established a 24,000 sq ft defence manufacturing facility in Hyderabad, Telangana in August 2017.[27][28]
The first product planned to be produced at the facility was the Israeli Spike anti-tank guided missiles (ATGM). However, the Government of India assigned the ATGM programme to the Defence Research and Development Organisation, after which KRAS pivoted to producing Spice 2000 bombs.[29]
In July 2019, KRAS received a $100 million contract to produce 1,000 Barak 8 medium-range surface-to-air missiles (MR-SAM) for the Indian Army and Air Force.[26][30] On 16 March 2021, KRAS announced that it had begun delivery of the first batch of MR-SAMs. This was the second product built at the Hyderabad plant.[31][32]
Sharp India
editKalyani Telecommunications & Electronics Pvt. Ltd. was incorporated on 5 July 1985 by Bharat Forge. The company manufactured black and white and colour television sets, and videocassette recorders under the brand name Optonica. It became a public limited company on 20 September 1985. The company was renamed Kalyani Sharp India Ltd. on 2 May 1986. Japan's Sharp Corporation acquired a 40% stake in Kalyani Sharp India Ltd. in 1990. The company was renamed Sharp India Ltd. in 2005.[33]
Former subsidiaries
editAlstom Bharat Forge Power
editAlstom Bharat Forge Power Limited was a joint venture with French company Alstom. Originally, Alstom held a 51% stake and Bharat Forge held the remaining 49%.[34] Alstom's shares were acquired by American conglomerate General Electric on 25 November 2015 as part of its global acquisition of Alstom's energy business.[35] Alstom Bharat Forge won a contract to supply two units of 660 MW supercritical coal turbines to NTPC Limited for a power plant in Solapur, Maharashtra.[36] Alstom Bharat Forge began production of supercritical turbines and generators at a new manufacturing facility at Sanand, Gujarat in May 2016.[37] The company won a contract to supply two units of 800 MW ultra-supercritical steam turbine generator islands for the Telangana Super Thermal Power Project Phase-1 near Ramagundam.[35] On 8 November 2016, the board of Bharat Forge approved the exit of the company from Alstom Bharat Forge Power. In March 2017, Bharat Forge announced that it would divest 23% of its shares to GE,[38] and the remaining 26% stake was divested in February 2018 completing Bharat Forge's exit from Alstom Bharat Forge Power.[39]
References
edit- ^ "CHAIRMAN'S SPEECH TO THE MEMBERS OF THE COMPANY AT THE 50th ANNUAL GENERAL MEETING ON WEDNESDAY, 10th AUGUST 2011" (PDF). Bharat Forge. 10 August 2011. Retrieved 27 January 2022.
- ^ "Bharat Forge History". The Economic Times. Retrieved 27 January 2022.
- ^ "Bharat Forge - Contact". www.bharatforge.com. Retrieved 27 January 2022.
- ^ a b "Annual Report 2020-21" (PDF). Bharat Forge. Retrieved 27 January 2022.
- ^ "Profit & Loss- Consolidated". Bharat Forge. Retrieved 30 June 2020.
- ^ a b "Balance Sheet- Consolidated". Bharat Forge. Retrieved 30 June 2020.
- ^ "Bharat Forge -Shareholding Pattern". www.bharatforge.com. Retrieved 27 January 2022.
- ^ ET Bureau (28 April 2010). "Bharat Forge plans to start marketing Khed SEZ". The Economic Times. India. Archived from the original on 12 May 2013.
- ^ Biswas, Partha Sarathi (24 January 2013). "New industrial policy unlikely to increase housing stock". The Indian Express.
- ^ "Khed City Official Site". Archived from the original on 8 February 2013.
- ^ "CHAIRMAN'S SPEECH TO THE MEMBERS OF THE COMPANY AT THE 50th ANNUAL GENERAL MEETING ON WEDNESDAY, 10th AUGUST 2011" (PDF). Bharat Forge. 10 August 2011. Retrieved 27 January 2022.
- ^ ET Bureau. "Bharat Forge to invest-56-million-to-set-up-new-plant-in-US". India Times.[dead link]
- ^ "Welcome to BF Utilties : History". www.bfutilities.com. Retrieved 27 January 2022.
- ^ "Ten Year Trends". Bharat Forge. Retrieved 27 January 2022.
- ^ Singh, Anjali (17 October 2024). "Bharat Forge to acquire axle maker AAM India for Rs 544.5 crore". Business Standard.
- ^ "Bharat Forge - National Presence". www.bharatforge.com.
- ^ "Kalyani Group" (PDF). Kalyani Steels. Retrieved 27 January 2022.
- ^ Market, Capital (17 May 2021). "Bharat Forge to acquire balance 49% stake in Kalyani Strategic Systems". Business Standard India. Retrieved 27 January 2022.
- ^ "Our Businesses Overview". Kalyani Strategic Systems Ltd.
- ^ Sharma, Ritu (8 January 2024). "India Buys 'Majority Stakes' In Ukrainian Engine Firm As Ukraine War 'Holds-Up' Indian Navy Warship". The EurAsian Times. Retrieved 10 January 2024.
- ^ Gope, Koushik (7 December 2023). "BHARAT FORGE LTD. Acquire of 51% stake in Zorya Mashproekt India Private Limited by Kalyani Strategic Systems Limited". ISMDU. Retrieved 10 January 2024.
- ^ "India speeds up work on local marine gas turbine production - ET EnergyWorld". ETEnergyworld.com. Retrieved 10 January 2024.
- ^ "'Developing under 25 tonnes light tank for Army'". The Times of India. ISSN 0971-8257. Retrieved 14 May 2024.
- ^ "Kalyani Group opens missile making unit with Israel's Rafael". The Economic Times. Retrieved 27 January 2022.
- ^ "Kalyani Rafael Advanced Systems (KRAS) announces Expansion". domain-b.com. Retrieved 27 January 2022.
- ^ a b "Kalyani Rafael gets $100-million order for BARAK-8 missile kits". The Week. Retrieved 27 January 2022.
- ^ "domain-b.com : Kalyani Group, Israel's Rafael set up defence JV in Hyderabad". www.domain-b.com. Retrieved 27 January 2022.
- ^ "Kalyani Rafael Advanced Systems Inaugurates its State-of-the-Art Facility at Hyderabad". India Education | Latest Education News | Global Educational News | Recent Educational News. 3 August 2017. Retrieved 27 January 2022.
- ^ Special Correspondent (16 March 2021). "Kalyani Rafael JV begins MRSAM missile kits delivery to armed forces". The Hindu. ISSN 0971-751X. Retrieved 27 January 2022.
{{cite news}}:|author=has generic name (help) - ^ "KRAS receives $100 M Order from RAFAEL to supply Barak-8/ MRSAM missile kits for the Indian Army and Air Force". www.rafael.co.il. Retrieved 27 January 2022.
- ^ Chaliawala, Nehal. "Kalyani Rafael Advanced Systems rolls out the first batch of indigenous missiles for Indian Army". The Economic Times. Retrieved 27 January 2022.
- ^ "KRAS making advanced defence systems". Telangana Today. 16 March 2021. Retrieved 27 January 2022.
- ^ "Sharp India History | Sharp India Information". The Economic Times. Retrieved 27 January 2022.
- ^ "Alstom Bharat Forge Begins Production at Gujarat Plant". NDTV.com. 26 May 2015. Retrieved 27 January 2022.
- ^ a b "Alstom Bharat Forge JV to Supply Steam Turbine Generator Islands for NTPC's Telangana Power Plant | GE News". www.ge.com. Retrieved 27 January 2022.
- ^ "Alstom-Bharat Forge Joint Venture to supply two turbine islands for coal-fired power plants in India". Alstom. Retrieved 27 January 2022.
- ^ "Production starts at Alstom-Bharat Forges new turbine and generator manufacturing facility in India". Alstom. Retrieved 27 January 2022.
- ^ "Bharat Forge Divests 23% Stake In Alstom". NDTV.com. 24 March 2017. Retrieved 27 January 2022.
- ^ "Bharat Forge exits JV with GE". www.thehindubusinessline.com. 27 February 2018. Retrieved 27 January 2022.