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Bharat Forge picks up stake in Tevva Motors for INR 90 crore

Auto News - Published on Thu, 14 Jun 2018

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ETAuto quoted Home-grown automotive company Bharat Forge Ltd as saying that it has bought an undisclosed stake in Tevva Motors for about INR 90 crores. As part of the investment, Bharat Forge has also acquired a license for commercialisation of the Tevva technology within India for strengthening its Research and Development activities in the e-mobility space.

Tevva provides electric powertrain solutions for Commercial Vehicles & buses in the 7.5 -14 T weight category. This is soon to be extended for the development of new Commercial Vehicles,especially trucks and buses.

According to the company, the investment helps position Bharat Forge at the forefront in the fast-growing EV market to identify technology trends and co-develop solutions for electric mobility in India and abroad.

Mr Baba Kalyani, Chairman and Managing Director, Bharat Forge Limited, commenting on the investment said, “This will also bring very focused and state-of-the-art EV powertrain solutions to our customers in India and worldwide. This investment coupled with the ongoing work at Tork Motorcycles will enable Bharat Forge to gain better understanding of the 2-wheeler and the Commercial Vehicle EV space.”

Bharat Forge has been working on its R & D and technology strategy in the Electric Vehicle space over the last few years. This is Bharat Forge’s 3rd major initiative in the EV space, and comes shortly after the start of the ‘Engineering and Development Centre’ at MIRA, UK and the investment in Tork Motorcycles Pvt. Ltd., India. Tork Motorcycles mainly focused on electric two wheelers and/or premium electric motor cycles.

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Posted By : Rabi Wangkhem on Thu, 14 Jun 2018
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