NaAtMaD – News and Articles that Make a Difference

News, Articles, Announcements, Reports related to Indian Economics and Corporate World

Bharat Forge defers $84 mln rights issue

Posted by Yogesh on Monday, 10 November, 2008

NEW DELHI, Nov 10 (Reuters) – Indian auto components maker Bharat Forge Ltd, the world’s second largest forgings maker, has deferred a 4 billion rupee ($84 million) rights issue due to worsening market conditions, its chairman said on Monday.

“How can we do a rights issue … the markets are challenging all over the world,” Baba Kalyani told reporters at a news conference.

The company said on Monday it was entering two joint ventures with Alstom Power Systems, a unit of French power and transport equipment maker Alstom, for power plant equipment.

One of the ventures is to make turbines and the other will make auxiliaries, the firms said. Bharat Forge will hold 49 percent in the turbine venture and 51 percent in the other.

The installed capacity for the two ventures will be more than 5,000 MW, and the firms are working on the investment details, Kalyani said. Source Reuters


Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: