Auto components maker Bharat Forge Ltd said it was buying a 45% stake in Tork Motorcycles at a cost of up to Rs 30 cr, taking yet another step towards adapting to the upcoming shift from internal combustion engines to electric vehicles.
Tork has designed, developed and built a complete electric motorcycle, the company said.
Tork Motorcycles, based in Pune, grew out of the experiments conducted by college student Kapil Shelke a decade ago. It is widely credited with bringing out India’s first all-electric motorcycle.
The strategic investment is a part of its overall E-Mobility powertrain development and will result in Bharat Forge getting a stake of 45% “eventually”.
“Their knowledge in the overall EV powertrain development will help Bharat Forge gain access to technologies in personal E-mobility space,” the autoparts maker said.
In its push towards electric vehicles, the company had recently set up a powertrain development center at Mira, UK.
“Bharat Forge is strategically aligning to develop solutions across the entire spectrum from low voltage powertrains in personal mobility to high voltage applications for commercial vehicles,” said Amit Kalyani, Executive Director of the company.
“We is well prepared for the increased penetration of electric vehicles globally through offering solutions on light weighting, components for drivetrain and creating supply chain capabilities for electric powertrain,” he added.
He said there is “huge potential” for electric vehicles in India “driven by regulatory push through various initiatives” and the improving economics of Electric Vehicles. The investment into Tork will help Bharat Forge develop components/ sub systems to address this market, he added.
Bharat Forge Limited is the flagship company of the Kalyani Group and supplies components to sectors including Automotive, Railways, Power, Defence, Construction & Mining, Aerospace, Marine and Oil & Gas.