Bharat Forge Limited has announced that its wholly owned subsidiary, Kalyani Strategic Systems Limited (KSSL), has entered into a joint venture agreement with Duma Engineering Group S.L. (DUMA) of Spain. The JV, signed on March 27, 2025, will lead to the formation of a new entity in Spain aimed at developing defence technologies, product platforms, and solutions catering to India, Europe, and other export markets.
Under the terms of the agreement:
- KSSL will hold 90% stake in the new joint venture company (JV Co.)
- DUMA will hold the remaining 10% stake
- The partnership is not classified as a related party transaction
The JV seeks to capitalize on both firms’ expertise in defence systems, with a long-term objective of collaborative innovation and manufacturing in the growing global defence sector.
Further details, including investment commitments and timelines, will be shared in subsequent regulatory filings as per SEBI’s Listing Obligations and Disclosure Requirements.
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