Bharat Forge secures approval from government for participation in Potential Defence Programs in future

The share price of Bharat Forge rose after the company informed that it has secured approval to participate in potential defence programs in future.

The license is given by the Ministry of Home Affairs under Arms Rules, 2016. This approval is for small arms and ammunition.

The breakthrough comes at a time when India is putting a strong emphasis on self-reliance for its defence requirements, providing players in India with enormous prospects. Bharat Forge, a manufacturer of auto parts, has benefited from this defence indigenization since it has built a reputation for developing numerous competencies in the manufacturing of defence products for the Indian and international armed forces.

In a separate announcement today, a step-down subsidiary of the company, J S Auto Cast Foundry India Private Limited, has proposed to purchase 26% of the equity shares of Ratnakar Energy Private Limited (REPL) for the purchase of solar power under a group captive scheme in accordance with the Electricity Act of 2003 and applicable rules thereunder.

Source: Media Reports

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