Forge Auto incorporates stepdown associate KBM Renewables for captive power plant
FORGEAUTO · price
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Forge Auto International has incorporated KBM Renewables Private Limited as a stepdown associate through FMAPL, its wholly owned subsidiary. KBM will act as a Special Purpose Vehicle to set up a Captive Generating Plant under Electricity Act provisions. Authorized capital is INR 3 crore and subscribed capital is INR 10 lakh. KBM is yet to start operations. The move is outside FAI's mainline business of forged components. Promoters have no interest in KBM, so it is not a related party transaction.
Entry into captive power; likely aimed at cost savings for operations. Small SPV, limited near-term impact on stock price.