Mumbai: Automotive and defense supplier Bharat Forge on Monday increased its stake in aerospace and defense technology supplier Aeron Systems in its bid to increase its know-how in the defense technology.
The Kalyani Group company paid Rs 2 crore to acquire 19,500 equity shares in Aeron, bringing its total stake in the latter to 22.42%, as per an exchange filing.
Aeron Systems manufactures technology products for sectors like aerospace and defense, automotive, renewable energy and industry 4.0. In May this year, Bharat Forge had announced its interest in the company to gain access to technologies in the defense and aerospace sectors.
The company has so far invested around Rs 8 crore in Aeron to acquire 78,000 shares. It will further invest around Rs 2 crore to acquire an eventual 26% stake.
Bharat Forge has also invested in companies like UK-based Tevva and Pune-based electric motorcycle startup Tork Motors, which is yet to sell its maiden product, to acquire new-age technologies.
In an interview with ET, Baba Kalyani, chairman of Bharat Forge, had said that the company is doing considerable work in the areas of defense, electric vehicles, nanotechnology and composites, including carbon composites.
The industry is moving away from being centred around metals towards other materials and electronics, for which the company is gearing up, Kalyani had said.
Source: Economic Times