Bharat Forge's wholly-owned subsidiary BF Infrastructure has formed a joint venture with Talgo India to "manufacture high-speed passenger trains", a regulatory filing stated on July 27.
Talgo India is the subsidiary of Spain's Patentes Talgo S.L, which is one of the world's leading train manufacturers with over 75 years of experience.
The partnership will also explore future business opportunities in the Indian Railways sector and tap the upcoming domestic requirements in the field, Bharat Forge said.
The JV will significantly contribute to the Centre’s initiative of Atmanirbhar Bharat, the company noted, adding that it will "help bring state-of-the-art and high-speed rail technology and solutions to the Indian Railways and other private operators that will serve under the overarching self-reliant vision".
The collaboration will also focus on setting-up manufacturing, maintenance and life cycle support hub for new generation, energy efficient, lightweight aluminum high speed railway trains, it said.
The tie-up with Talgo India comes in the "backdrop of the Indian Railway’s tender for the manufacturing and maintenance of 100 new generation light weight energy", Bharat Forge said in a press release.
On the day Bharat Forge announced the setting up of joint venture, the company's shares closed at Rs 713.95 a piece at the National Stock Exchange of India (NSE), which was 1.41 percent higher as compared to the previous day's close. At the BSE, the share closed at Rs 713.85, which was 1.51 percent higher as against the previous close.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
