Bharat Forge to Expand Footprint with CCI-Approved AAM India Buyout

Bharat Forge Limited on Wednesday, April 23, announced that its planned acquisition of AAM India Manufacturing Corporation Private Limited has been approved by the Competition Commission of India (CCI). The acquisition involves the acquisition of 100 percent shareholding pursuant to the terms of the Share Purchase Agreement (SPA) signed on October 17, 2024.

The clearance was six months ago when Bharat Forge first announced the deployment of the SPA. While the go-ahead by the CCI is a critical point in the take-over procedure, the firm made it a condition that the transaction is subject to the fulfillment of other conditions precedent specified under the agreement.

"The Competition Commission of India via its Letter dated April 22, 2024, has accorded its approval for the Proposed Acquisition," said Tejaswini Chaudhari, Company Secretary and Compliance Officer of Bharat Forge, in a regulatory filing. She added that the company is currently awaiting the detailed order from the CCI.

The deal is according to Bharat Forge's strategic expansion plans in the manufacturing sector, building on its strengths in the auto components and industrial components segment. The firm stated this acquisition is part of its long-term growth strategy and will further deepen its domestic as well as international presence.

The shares of the company are traded at Bombay Stock Exchange (BSE) scrip code 500493 and National Stock Exchange India (NSE) symbol BHARATFORG, respectively.