Bharat Forge clarifies on report of meeting over Russia JVs, says this

Bharat Forge, a major player in the defence sector, on Wednesday issued a clarification to a report which said that nearly half a dozen executives from top Indian arms makers, including Adani Defence and Bharat Forge, attended rare meetings in Russia this year to discuss potential joint ventures.

"We unequivocally deny any representation or participation in the meetings referenced in the article. No individual representing Bharat Forge or any Kalyani group company has travelled to Russia since 2021," said Bharat Forge in reaction to Reuters report.

"The meetings took place during the first visit of India's defence business leaders to Russia since Moscow's 2022 invasion of Ukraine. The visit by the defence business leaders had not previously been reported. The Indian government is seeking to re-orient its decades-old defence ties with Russia to focus on joint development of weapons," said the Reuters report.

Meanwhile, Bharat Forge stock was trading on a flat note at Rs 1391.05 in the current session. In a year, the stock has gained 2.27% and risen 7% since the beginning of this year. Total 2015 shares of the firm changed hand amounting to a turnover of Rs 27.96 lakh. Market cap of the firm climbed to Rs 66,504 crore.

Pune-based Bharat Forge provides components and solutions to various sectors, including automotive, railways, defence, construction and mining, aerospace, marine and oil and gas.