Bharat Forge to Sell U.S. Unit
Bharat Forge Ltd. reportedly plans to sell its Bharat Forge America (Lansing, Mich.) unit after writing off most of its investment in the business. Bharat Forge America, a supplier of forged chassis and engine components, has been a drain on the finances of the Indian auto-parts maker as a result of the troubles experienced by the U.S. automotive industry in recent years. The parent company expects to raise $4.5-$5.4 million on the sale of the asset, only a fraction of its initial investment. Bharat Forge has already started discussions with potential buyers and expects to sell the unit during this current fiscal year, which started April 1.