The Baba Kalyani promoted Bharat Forge has acquired one of the largest forging companies in Germany, Carl Dan Peddinghaus GmbH. The deal catapults it to the second largest forging company in the world.
A pact between Bharat Forge and CDP was signed on Friday.
In an asset purchase deal, BFL will be acquiring 100 per cent of the fixed assets, inventory, and business of CDP from the Peddinghaus family, the promoters of CDP, through a suitable special purpose vehicle.
"Due to a non-disclosure agreement, the company cannot reveal the acquisition amount for now. The deal will be funded through internal accruals," Amit Kalyani, director of Bharat Forge, said.