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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

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