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22 June, 2018 12:32 IST
Bharat Forge makes strategic investment in electric vehicle company
Source: IRIS | 12 Jun, 2018, 03.40PM
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Bharat Forge today announced a strategic investment of Pound 10 million in Tevva Motors (Jersey), a company incorporated and registered under the Companies (Jersey) Law 1991 carrying out its operations from Chelmsford, UK.
 
Tevva provides electric powertrain solutions for Commercial Vehicles & buses in the 7.5 -14 T weight category. This is soon to be extended for the development of new Commercial Vehicles, especially trucks and buses.

These vehicles actively and autonomously manage the use of the range extender by utilising Tevva's ground-breaking, patented software, Predictive Range Extender Management System (PREMS), to ensure only electric drive is used in low carbon zones and other city centers.

Baba Kalyani, Chairman and Managing Director, Bharat Forge, (Q,N,C,F)* commenting on the investment said, ''This will also bring very focused and state-of-the-art EV powertrain solutions to our customers in India and worldwide. This investment coupled with the ongoing work at Tork Motorcycles will enable Bharat Forge to gain better understanding of the 2-wheeler and the Commercial Vehicle EV space.''

Shares of the company gained Rs 9.2, or 1.42%, to trade at Rs 657.35. The total volume of shares traded was 23,336 at the BSE (3.28 p.m., Tuesday).

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