Bharat Forge reorganises European operations

New Delhi: Bharat Forge today said it is reorganising operations of its European subsidiaries to reduce costs and facilitate tax and fiscal consolidation.

"...With a view to streamline the operations of European subsidiaries of the company, CDP Bharat Forge GmbH, Germany (CDP BF), a direct subsidiary of the company in Germany, has undertaken a corporate reorganisation along with its subsidiaries," the company said in a filing to the BSE.

Such restructuring will facilitate fiscal consolidation, tax consolidation, efficient management and reduction in cost of compliance, it added.

"This restructuring will not have any adverse impact on the consolidated financial of the company," it said further.

Bharat Forge said that in relation to the new structure, the consequent changes (including legal) to the other entities within the group are being implemented.

All the transactions are within Bharat Forge Group only and at book value. This would not have any impact on the day-to-day operations of the company," it said in the filing.
Shares of Bharat Forge were trading at Rs 910.80 apiece on BSE, up 0.77 per cent from previous close.