Kalyani Powertrain Limited, a wholly owned subsidiary of Bharat Forge , has agreed to sell its entire 50% equity stake in REFU Drive GmbH for EUR 12,500. The divestment will result in REFU Drive GmbH ceasing to be a joint venture of Kalyani Powertrain, marking an exit from the entity which recorded a revenue of Euro 14,418,688 and a negative net worth of Euro 3,226,560 in the last financial year.

The company executed a Definitive Agreement on July 22, 2026, with REFU Elektronik GmbH, the buyer specializing in power electronics and energy management solutions. The transaction is classified as a related party transaction but was undertaken on an "arm's length" basis, with the consideration determined by an independent valuation report. The buyer does not belong to the promoter or promoter group of Bharat Forge Limited.

The sale is expected to be completed within six weeks from the date of the agreement. The consideration of EUR 12,500.00 is scheduled to be received upon the closing of the transaction. The disclosures were made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Details

The key parameters of the transaction are outlined below:

Financials of REFU Drive GmbH

The financial profile of REFU Drive GmbH for the last financial year is as follows:

REFU Elektronik GmbH is headquartered at Pfullingen, Germany. The transaction does not fall under a Scheme of Arrangement or a slump sale, as per the regulatory disclosures.

Bharat Forge has signed a strategic Memorandum of Understanding (MoU) with FLYING WHALES, a French-Canadian aerospace company, to jointly develop and manufacture heavy-lift airships for India's defence and national security sectors. The partnership, announced at the Farnborough International Airshow 2026, aims to establish a domestic manufacturing ecosystem for next-generation airships under the Government's Aatmanirbhar Bharat and Make in India initiatives. This collaboration positions India among a select group of nations with the capability to design and build heavy-lift airships, addressing critical requirements for strategic mobility and logistics.

Strategic Partnership and Platform Capabilities

The collaboration focuses on the LCA60T platform, FLYING WHALES' next-generation heavy-lift airship. This platform is capable of transporting up to 60 tonnes of cargo with vertical take-off and landing capabilities, requiring minimal ground infrastructure. The airship features hybrid-electric propulsion and is designed for point-to-point operations in challenging and remote environments. The two companies will work towards establishing the manufacture, integration, and production of these airships in India to support sovereign capabilities.

Defence and Strategic Applications

The partnership will explore a range of defence applications, including logistics support to forward operating bases and the transportation of oversized equipment and critical military supplies. Additionally, the airships will be utilized for intelligence, surveillance, and reconnaissance missions, communication relay systems, and humanitarian assistance and disaster relief operations. The platform is particularly suited for rapid deployment in remote border regions and difficult terrains, offering a new dimension of strategic mobility for the nation.

Leadership Statements and Industrial Impact

Mr. Amit Kalyani, Vice Chairman & Joint Managing Director of Bharat Forge Limited, emphasized that the partnership redefines how nations move and sustain forces, leveraging Bharat Forge's six decades of engineering strength. Mr. Sébastien Bougon, President of FLYING WHALES, highlighted India's vast geography and challenging terrain as ideal for the LCA60T platform. The proposed localisation programme is expected to generate high-technology employment, develop an advanced supply chain, and create future export opportunities, thereby strengthening India's position as a global aerospace manufacturing hub.