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Bharat Forge acquires Nouveau Power as SPV for Sanghvi Forgings

Friday, 07 May 2021
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Forging company Bharat Forge (BFL) has acquired 100 percent stake in Nouveau Power & Infrastructure, a group company 100 percent owned by promoters of BFL.

This is part of the resolution plan approved by the National Company Law Tribunal’s (NCLT) Ahmedabad Bench for acquisition of Sanghvi Forgings & Engineering under the Insolvency and Bankruptcy Code 2016. The acquisition of Sanghvi Forgings has to be carried out through an SPV. This SPV will now be a wholly-owned subsidiary of Bharat Forge.

Bharat Forge’s resolution plan for Sanghvi Forging has been approved by the committee of creditors (CoC). The NCLT Ahmedabad Bench approved the resolution plan on 26 April 2021 and the first step was setting up or acquiring an SPV and capitalisation of the acquisition.

As per the order, the SPV will infuse an initial amount of Rs five lakh into the corporate debtor and additional funds of Rs 14.62 crore. The SPV has to pay off Rs 77.06 crore, of which Rs 75 crore will be paid to the secured financial creditors, Rs 6.54 crore to workmen and employees, and Rs two crore to other creditors.

There will be an infusion of additional funds of Rs 10 crore to improve operations of Sanghvi Forgings. This is to be funded through internal accruals and other funding sources available to BFL.

As per the resolution plan, the payoff to creditors, the State Bank of India (SBI), will be Rs 46.72 crore and to the Bank of Baroda will be Rs 28.20 crore.

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