Bharat Forge buys Groupe Sifcor of France
Forgings major Bharat Forge is believed to have acquired an 89% stake in French forgings company Groupe Sifcor (Society of Industrial and Financial Courcelles).
The acquisition will give Bharat Forge an entry into the French automotive sector and access to big Sifcor clients like PSA Citroen and Renault.
The deal size is not clear and company officials have refused to divulge details. Groupe Sifcor had posted euro 172 million (about Rs 1,152 crore) revenues last year.
Sources close to the deal said Bharat Forge probably had a preliminary agreement which is mandatory in France, since work councils and other local bodies have to be informed about any corporate deal. “It could take up to 6-7 months for a final agreement to happen,” sources said
