India’s Bharat Forge to set up forging facility with initial investment of US$56 million
Bharat Forge America, Inc., a wholly-owned subsidiary of Bharat Forge Limited, will invest approximately US$56 million initially to set up a new plant in the US. The company will construct a green-field forging and machining facility in North Carolina.
The company aims to make a similar investment in the coming years to enhance the production capacity of the plant.
The new plant will address the aluminium opportunity and have state of the art technology and processes, Bharat Forge said in a statement. The investment is backed up by orders already secured from OEM’s and has been achieved by leveraging R&D capabilities.
“As the order book ramps up in the years ahead, we envisage enhancing the capacity through an investment of similar quantum in the coming years. This investment is a key cornerstone of our strategy of enhancing our focus on lightweight materials and improving the financial parameters of the overseas operations,” Bharat Forge said.
“It will help us to create a strong global manufacturing footprint as part of our Aluminium strategy, spanning Europe, Asia and the United States.”
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