India's Bharat Forge Ltd, the world's second-biggest forging company, has acquired a US firm, Federal Forge Inc, in an all cash deal worth $9.1 million, the Bombay Stock Exchange said on Saturday. Federal Forge is engaged in the design and manufacture of forged steel components for the automobile industry.
"It is a significant step towards implementing Bharat Forge's strategy of expanding our global footprint and establishing a manufacturing presence in one of our largest markets - USA," B.N. Kalyani, chairman & managing director, of India's largest exporter of auto components was quoted as saying.
The acquisition was done through Bharat Forge's wholly owned subsidiary, Bharat Forge America Inc, the stock exchange notice said.
Shares of Bharat Forge ended 2.32 percent higher at 1,465.90 rupees on Friday in a higher Bombay market.