India clears Alstom group's power equipmemt venture with Bharat Forge
21 Jan 2010
The cabinet committee on economic affairs (CCEA) today gave its approval to the Alstom group's proposal to set up two joint venture companies in India with Bharat Forge Limited or its affiliate companies and to invest a total of Euro 70.5 million (around Rs490 crore) in the country.
The CCEA gave its approval to the proposal of Alstom Power Holdings SA, France, Alstom Technology Ltd, Switzerland and Alstom SA, France as recommended by FIPB.
The joint venture will manufacture state-of-the-art super critical and sub-critical power plant equipment in India directly and/or through their respective associate entities.
The approval would result in foreign direct investment (FDI) to the tune of Euro 70.5 million, a government release said.
Bharat Forge Limited (BFL), the flagship company of the $2.4 billion Kalyani Group, manufactures various forged and machined components for the automotive and non-automotive sector.
BFL is today among the largest and technologically most advanced manufacturer of forged and machined components. One of India's emerging multinationals, the company has manufacturing operations across 12 locations and 6 countries - 4 in India, 3 in Germany, one each in Sweden, Scotland, USA and 2 in China.
BFL customers include the top five passenger car and top five commercial vehicle manufacturers in the world and the list includes virtually every automotive OEM and Tier I companies.