Bharat Forge Ltd, a part of diversified business conglomerate Kalyani group, has offloaded its 50 per cent equity stake in Impact Automotive Solutions Ltd to its joint venture partner KPIT Technologies Limited, as per a stock market disclosure.
The firm has sold its stake to the JV partner for Rs 10.8 crore (around $1.8 million) against an initial investment of Rs 14.9 crore, the company said.
Impact Automotive Solutions was formed in early 2010 to manufacture hybrid solutions for automotive sector.
Earlier this year, Bharat Forge had exited its Hong Kong-based JV FAW Bharat Forge (Changchun) Co Ltd by selling 51.85 per cent stake to the local partner China FAW Corporation Ltd for $28.20 million (Rs 175 crore), ending its eight-year-old joint venture in the country. Since the launch of the joint venture in 2006, Bharat Forge had invested Rs 178 crore in four tranches in the joint venture.
Bharat Forge is one of the world's largest forgings company in the world behind Germany’s Thyssenkrupp.
In the year ended March 31, 2014, it posted revenues of Rs 6,716 crore with net profit of RS 498 crore.
Bharat Forge scrip was trading at Rs 862.55, up 0.48 per cent at 12:55 PM on the BSE in a strong Mumbai market on Monday.