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10th December 2003

BFL Board approves Fund Raising

The Board of Directors of Bharat Forge Limited have approved, at its meeting held today, subject to relevant statutory and members’ approval, the company’s long term fund raising program of upto Rs. 350 Crores.

The funds so raised will be used for substantial expansion of company’s forging and machining capacity at Mundhwa, Pune, to meet the emerging business requirements.

The Company is setting up a state of the art machining facility for Heavy Duty Crankshafts with a capacity of 2,00,000 pcs/year.

In the forging area the company is planning to set up 2 additional press lines to cater to the passenger car business with a capacity of 2 million pcs/year and a third big press line with a capacity of 3,00,000 pcs/year.

The structure to be used for the said fund raising will be decided in due course.