Bharat Forge bags contract for 450 MW power project
24 May 2010
Bharat Forge Ltd, India's largest forgings maker has bagged a contract for the design and commissioning of a 450 MW independent power project, the company said in a statement yesterday.
The EPC (engineering, procurement and construction) project would be implemented through a wholly-owned subsidiary of the firm, the company said in the statement.
The company, had in April raised Rs6.26 billion through sale of shares, warrants and debt to expand manufacturing capabilities in the non-automotive business which accounts for 20 per cent of its sales. The company aims to increase the non-automotive share to 40 per cent by FY12.
The company has a joint venture with Areva of France to produce heavy forgings for application in the nuclear sector. The company's shares increased 1.73 per cent to Rs265.2 in the Mumbai market.
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