Bharat Forge announced Friday the company's German subsidiary CDP Bharat Forge had acquired 100% equity shares of Mecanique Generale Langroise (MGL).

MGL based in Saint Goesmes, France is a strong technology oriented company focused on precision machining and other high value added processes like cladding for critical application in the oil & gas industry, the company said.

'This acquisition is largely focused on further consolidating BFL position in the oil & gas space by enhancing service offerings and geographical reach. This also brings BFL closer to its customers and increases the value addition provided to them,' the company added.

Baba N Kalyani, chairman & managing director of Bharat Forge said, 'The acquisition of MGL is in line with our strategy of moving up the value chain in the industrial business. This acquisition enhances BFL's ability to provide turnkey solution and simultaneously strengthens the product offering in the oil and gas sector.

Shares of the company gained Rs 15.7, or 1.67%, to trade at Rs 958. The total volume of shares traded was 31,560 at the BSE (1.58 p.m., Friday).