Bharat Forge Ltd. (Pune, India), the flagship company of the $2.1 billion Kalyani Group and a leading global supplier of forged and machined components, has formed a joint venture with the Indian power generation company NTPC Ltd. to set up a manufacturing unit of components for power plants.
The joint venture, 51% owned by Bharat, will initially manufacture forgings, castings, casings, fittings and high-pressure piping required for the power generation and other industries. In time, the company will also manufacture other power-plant equipment and machinery.
The new company will manufacture large forgings and castings for high-value, critical components such as rotor shafts, components for turbo generators and other capital goods. These components require an extremely high degree of metallurgical technology and process know-how.
Commenting on the joint venture, B. N. Kalyani, Bharat’s chairman and managing director, said that “we have been present in this sector for the last 25 years but in a small way. The joint venture is basically to further strengthen our strategy of getting into the capital goods sector.”