Kalyani Group

Last updated

Kalyani Group
Company type Conglomerate
Industry
Founded19 June 1961;62 years ago (1961-06-19) [1] in Mumbai [2]
FounderNeelkanth Rao Kalyani
Headquarters
Pune, Maharashtra
,
India
Area served
Worldwide
Key people
 Baba Kalyani (Chairman)
Brands
Revenue US$3 billion (2015) [3]
Number of employees
~10,000

The Kalyani Group is an Indian multinational conglomerate that operates in various key sectors including engineering steel, automotive and non-automotive components, renewable energy and infrastructure, and specialty chemicals. [4] [5] [6] The group has also expanded its operations into the defense manufacturing sector, which was showcased at the DefExpo 2020. [7] [8]

Contents

The group's annual turnover exceeded USD 2.5 billion as of 2011 [9] and has established joint ventures with companies such as Alstom, Carpenter Technology Corporation, Iochpe-Maxion, Meritor, Sharp Corporation, and Rafael Advanced Defense Systems.

History

The Kalyani Group was founded by Neelkanth Rao Kalyani. The group's first company, Bharat Forge, was incorporated on 19 June 1961. [10]

The group is currently chaired by Neelkanth Rao's elder son, Baba Kalyani. Some companies are also promoted by his younger son, Gaurishankar Kalyani and his wife, Rohini Kalyani. [11]

Companies

The group holds key stakes in a number of companies:

Bharat Forge

Bharat Forge is the Kalyani Group's first company founded on 19 June 1961. It manufactures automotive components as well as components for industries such as aerospace, railways, marine, and conventional and non-conventional energy. Bharat Forge is the flagship company of the Kalyani Group and has several subsidiaries. Bharat Forge Kilsta, Bharat Forge CDP, and BF Aluminiumtechnik are the company's Europe-based forging units. [12] Defence manufacturer Kalyani Strategic Systems Ltd. is a wholly-owned subsidiary of Bharat Forge. Kalyani Strategic Systems owns a 51% stake in Kalyani Rafael Advanced Systems, a joint venture with Israeli defence company Rafael Advanced Defense Systems. [13]

Kalyani Strategic Systems bought a 51% share in Indian subsidiary of Zorya Mashproekt. On 9 May 2023 the company signed the acquisition agreement. The acquisition process was finished on 31 December 2023. [14] [15]

Sharp India

Kalyani Telecommunications & Electronics Pvt. Ltd. was incorporated on 5 July 1985 by Bharat Forge. The company manufactured black and white and colour television sets, and videocassette recorders under the brand name Optonica. It became a public limited company on 20 September 1985. The company was renamed Kalyani Sharp India Ltd. on 2 May 1986. Japan's Sharp Corporation acquired a 40% stake in Kalyani Sharp India Ltd. in 1990. The company was renamed Sharp India Ltd. in 2005. [16]

Kalyani Steels

Kalyani Steels Limited (KSL) was established in February 1973 to fulfill the group's in-house requirements for forging quality steel. [17] It manufactures special carbon and alloy steels, and alloy steel ingots blooms and billets. [18]

Hospet Steel Limited

The manufacturing facility at Koppal, Hospet, Karnataka (known as Hospet Steels) was established in 1998 as Joint venture alliance between Mukand and Kalyani Steels.It is an integrated steel plant, spread across 375 acres of greenery, equipped with state-of-the-art technology in steel-making, finishing and testing facilities. [19] The current capacity of the plant is 2.9 MTPA.It is also knows as Kalyani Steels Hospet plant [20]

Kalyani Carpenter

Kalyani Carpenter Special Steels Ltd. was established in 1999 as a joint venture between Kalyani Steels and American company Carpenter Technology Corporation. [21] Kalyani Steels' original facility in Pune is now operated by Kalyani Carpenter. [17]

Kalyani Forge

Ellora Engineering Co. Pvt. Ltd. was founded by Neelkanth A. Kalyani in 1979, and began commercial production of forgings in 1981. The company was renamed Kalyani Forge Limited in 1992. Kalyani Forge was the first forging company in India to have entire press technology as opposed to hammers which were more common at that time. It is today a leader forging and machining critical parts like connecting rods, stub axles and driveline components. [22]

Kalyani Technoforge

Kalyani Technoforge Limited, formerly Kalyani Thermal Systems Limited, [23] was established in 1979. It manufactures forgings, machined components, sub-assemblies and assemblies. [24]

Automotive Axles

Automotive Axles Limited (AAL) was established in 21 April 1981 as a joint venture between the Kalyani Group (35.52%) and American company Meritor (35.52%). It manufactures drive axles, non-drive axles, front steer axles, specialty axles, defence axles, and drum and disc brakes. Automotive Axles has manufacturing plants in Mysore, Karnataka and Jamshedpur, Jharkhand. [25]

Kalyani Global

Kalyani Global Engineering Private Limited was established in 1985. It is engaged in the urban infrastructure and construction industry. [26]

Hikal

Hikal Limited is a specialty chemicals company established in 1988. It manufactures active ingredients and intermediates, and provides R&D services for pharmaceutical, animal health, biotech, and crop protection companies. [27]

Kalyani Maxion Wheels

Baba Kalyani established a wheel manufacturing facility in Chakan, Pune, at the request of Ratan Tata, with technology from Hayes Lemmerz. Kalyani Lemmerz Ltd (KLL) was established as joint venture between the Kalyani Group (75%) and Hayes Lemmerz International Inc (25%) in 1996. In 1998, Hayes Lemmerz increased its stake in the company to 85%, with the Kalyani Group holding the remaining 15%. [28] In February 2007, Kalyani Lemmerz announced that it would invest $25 million to expand capacity at its wheel manufacturing facility at Chakan. [29] Hayes Lemmerz International Inc was acquired by Brazilian company Iochpe-Maxion in October 2011. [30] [31] Kalyani Lemmerz Ltd. was renamed Kalyani Maxion Wheels Ltd. following the acquisition. [32] [ better source needed ]

BF Utilities

BF Utilities Limited was established on 15 September 2000 as a result of the demerger of the Investment and Windmills division of Bharat Forge Limited. The Investment business was demerged again from BF Utilities Ltd to a new company called BF Investment Ltd. (BFIL) on 14 January 2011.

Kalyani Investment

On 25 June 2009, Kalyani Investment Company Limited (KICL) was formed through the demerger of the investment business from Kalyani Steels, along with the amalgamation of the "Investment Undertaking" from three subsidiaries of Kalyani Steel: Chakrapani Investments & Trades, Surajmukhi Investment & Finance, and Gladiolla Investments. [33]

BF Investment

BF Investment Ltd. (BFIL) was established on 14 January 2011 as result of the demerger of the Investment division from BF Utilities Ltd. BFIL holds stakes in several other Kalyani Group companies.

Baramati Speciality Steels

Baramati Speciality Steels Limited (BSSL) was founded in 2011. It is located in Satara, Maharashtra.

Synise Technologies

Synise Technologies Ltd. is a company focused on procurement and Selling Services. [34]

KCTI

Kalyani Centre for Technology and Innovation (KCTI) is an ISO17025 NABL certified laboratory established in Pune by the Kalyani Group at an investment of $14 million. The lab is recognized by the Department of Science and Technology, and by Rolls-Royce and Boeing. [35]

Former companies

Bharat FC

Kalyani Group forayed into Indian football by launching a football club named Kalyani Bharat FC on 23 November 2014. The club began competing in I-league from January 2015, and were given a direct entry to I-league by the AIFF as an initiative to bring corporates into football. Bharat FC was the 2nd team to enter I-league under this initiative after JSW Group-led Bengaluru FC which entered the league in 2013–14 season. [36] Bharat FC played only one season of the I-League, finishing at the bottom of the table, before closing down. [37]

Kalyani Brakes

Kalyani Brakes was a joint venture company in which the Kalyani Group and Bosch held a 40% stake each. The company manufactured conventional braking systems and components for passenger cars, tractors, three-wheelers and two-wheelers. Bosch bought out the Kalyani Group's stake in the joint venture in January 2013. Kalyani Brakes was renamed Bosch Chassis Systems India. [38]

Kenersys GmbH

The Kalyani Group acquired Münster, Germany-based wind energy and design consulting firm RSB Consult GmbH on 3 September 2007 for an undisclosed amount. The company was renamed Kenersys GmbH, an abbreviation for Kalyani Energy Systems. [39] US-based private equity firm First Reserve Corporation acquired a stake in Kenersys in April 2008. Kalyani Group appointed Paulo Fernando, who was previously the CEO of Suzlon China, as the new CEO of Kenersys in June 2010. [40] In September 2010, Kenersys was awarded a contract by Bharat Forge to build a 8 MW wind turbine in Satara district, Maharashtra. [41] Kenersys established a wind turbine production plant at Baramati, Pune district in September 2011. [42] In August 2016, the Kalyani Group reached an agreement to sell Kenersys to German wind turbine manufacturer Senvion for an estimated ₹250 crore (US$31 million). [43]

Alstom Bharat Forge Power

Alstom Bharat Forge Power Limited was a joint venture between French company Alstom and Bharat Forge. Originally, Alstom held a 51% stake and Bharat Forge held the remaining 49%. [44] Alstom's shares were acquired by American conglomerate General Electric on 25 November 2015 as part of its global acquisition of Alstom's energy business. [45] Alstom Bharat Forge won a contract to supply two units of 660 MW supercritical coal turbines to NTPC Limited for a power plant in Solapur, Maharashtra. [46] Alstom Bharat Forge began production of supercritical turbines and generators at a new manufacturing facility at Sanand, Gujarat in May 2016. [47] The company won a contract to supply two units of 800 MW ultra-supercritical steam turbine generator islands for the Telangana Super Thermal Power Project Phase-1 near Ramagundam. [45] On 8 November 2016, the board of Bharat Forge approved the exit of the company from Alstom Bharat Forge Power. In March 2017, Bharat Forge announced that it would divest 23% of its shares to GE, [48] and the remaining 26% stake was divested in February 2018 completing Bharat Forge's exit from Alstom Bharat Forge Power. [49]

Controversy

Baba Kalyani, Chairman of the group, became embroiled in a legal dispute with his sister Sugandha and her husband Jaidev Hiremath concerning control of Hikal Limited, a subsidiary of the Kalyani Group. [50] They submitted a case in the Bombay High Court, alleging that Kalyani's move to increase his group's stake by 5% aimed to gain full control, sidelining and ousting them. [51] [52] The Hiremaths held 35% (valued at Rs 3,578 crore), while Kalyani possessed 34%. Hiremath contended that Kalyani selectively disregarded a significant 1994 note indicating the transfer of Hikal shares to Sugandha's family. [52]

However, Kalyani refuted the 1994 transfer clause in the family arrangement, deeming it a false assertion by Sugandha. He acknowledged the October 1993 agreement mentioning Hikal's transfer to the Hiremaths but asserted it was overridden by the 1994 arrangement. [53] Kalyani also noted that the Taj meeting centered on resolving ownership matters at Bharat Forge and Kalyani Forge, not acknowledging any Hikal agreement in 1994. [52] InGovern, an advisory firm, expressed concerns about the lack of agreement between conflicting promoter groups due to differing shareholdings, hampering the passage of special resolutions. In response, Hikal accused InGovern of bias and spreading misinformation to damage the company's reputation. Hikal reaffirmed the Hiremath family's status as promoters, dismissing InGovern's claims and emphasizing that the ongoing lawsuit is a shareholder-level issue, unlikely to impact the company's performance. [54] [52]

In 2024, a new front opened in the row between Baba Kalyani and his sister Sugandha Sameer and Pallavi, children of Sugandha and Jai Hiremath, have filed suit in a Pune court seeking partition of the Kalyani family assets to claim their share of the Kalyani Hindu Undivided Family (HUF) assets. [55]

Related Research Articles

<span class="mw-page-title-main">Alstom</span> French rolling stock manufacturer

Alstom SA is a French multinational rolling stock manufacturer which operates worldwide in rail transport markets. It is active in the fields of passenger transportation, signaling, and locomotives, producing high-speed, suburban, regional and urban trains along with trams.

<span class="mw-page-title-main">Steel Authority of India Limited</span> Central Public Sector Undertaking

Steel Authority of India Limited (SAIL) is a central public sector undertaking based in New Delhi, India. It is under the ownership of the Ministry of Steel, Government of India with an annual turnover of ₹105,398 crore (US$13 billion) for the fiscal year 2022-23. Incorporated on 24 January 1973, SAIL has 57,139 employees. With an annual production of 18.29 million metric tons, It is the largest government owned steel producer. The hot metal production capacity of the company will further increase and is expected to reach a level of 50 million tonnes per annum by 2025.

GKN Ltd is a British multinational automotive and aerospace components business headquartered in Redditch, England. It is a long-running business known for many decades as Guest, Keen and Nettlefolds. It can trace its origins back to 1759 and the birth of the Industrial Revolution.

Tata Steel Limited is an Indian multinational steel-making company, based in Jamshedpur, Jharkhand and headquartered in Mumbai, Maharashtra. It is a part of the Tata Group.

<span class="mw-page-title-main">Bharat Heavy Electricals Limited</span> Indian government-owned manufacturer

Bharat Heavy Electricals Limited (BHEL) is an Indian central public sector undertaking and the largest government-owned power generation equipment manufacturer. It is owned by the Government of India, with administrative control by the Ministry of Heavy Industries. Established in 1956 with the help of Soviet technology, BHEL is based in New Delhi.

<span class="mw-page-title-main">Areva</span> Defunct French nuclear and renewable energy provider

Areva S.A. is a French multinational group specializing in nuclear power headquartered in Courbevoie, France. Before its 2016 corporate restructuring, Areva was majority-owned by the French state through the French Alternative Energies and Atomic Energy Commission (54.37%), Banque publique d'investissement (3.32%), and Agence des participations de l'État (28.83%). Électricité de France, of which the French government has a majority ownership stake, owned 2.24%; Kuwait Investment Authority owned 4.82% as the second largest shareholder after the French state.

<span class="mw-page-title-main">Baba Kalyani</span> Indian businessman

Babasaheb Neelkanth Kalyani is an Indian billionaire businessman who served as the chairman and managing director of Bharat Forge, the Flagship company of the Kalyani Group and the world's second-largest forgings manufacturer after ThyssenKrupp of Germany.

<span class="mw-page-title-main">Bharat Forge</span> Indian multinational forging company

Bharat Forge Limited is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.

The Siemens Energy Sector was one of the four sectors of German industrial conglomerate Siemens. Founded on January 1, 2009, it generated and delivered power from numerous sources including the extraction, conversion and transport of oil and natural gas in addition to renewable and alternative energy sources. As of October 1, 2014, the sector level has been eliminated, including the Siemens Energy Sector.

<span class="mw-page-title-main">Transmashholding</span> Russian rolling stock manufacturer

CJSC Transmashholding is the largest manufacturer of locomotives and rail equipment in Russia and after merging with LocoTech service the fourth largest engineering company in the field of transport technology globally.

Shanghai Electric is a Chinese multinational power generation and electrical equipment manufacturing company headquartered in Shanghai. The company traces its roots to 1880.

<span class="mw-page-title-main">JSW Group</span> Indian multinational conglomerate

JSW Group is an Indian multinational conglomerate, based in Mumbai. It is led by Sajjan Jindal and is part of the O.P. Jindal Group. The group's diverse businesses include steel, energy, infrastructure, cement, automotive and paints, across India, the United States, South America, and Africa.

Mukand Limited is an India-based manufacturer of stainless steel, alloy steel, and stainless steel billets, and is an exporter of hot rolled bars. The company manufactures iron and steel products, steel castings, steel structurals, Electrical Overhead Travelling (EOT) and other cranes, and other industrial machinery. Mukand Ltd is part of the Bajaj Groups of companies. It makes India's largest gantry crane, with an 80-tonne capacity and 60-metre span, with monobox girder and underslung trolley.

Mahindra Sanyo Special Steel Private Limited or formerly known as Mahindra Ugine Steel (MUSCO) is a manufacturer of specialty steel, stampings, and rings headquartered in Mumbai, India. It is a joint venture of the Mahindra Group, one of India's largest industrial houses and Sanyo Special Steel Co. Ltd and Mitsui & Co. Ltd from Japan

<span class="mw-page-title-main">BharatBenz</span> Brand of Daimler India Commercial Vehicles

BharatBenz is a brand of Daimler India Commercial Vehicles (DICV), itself a wholly owned subsidiary of the German manufacturer Daimler Truck AG. The brand is known for its trucks and buses. The headquarters of BharatBenz is at Oragadam, Chennai, India.

<span class="mw-page-title-main">Tube Investments of India Limited</span> Indian manufacturing company

Tube Investments of India Limited is an Indian engineering and manufacturing company that specializes in bicycles, metal formed products, and chains. It is based in Chennai and a part of Murugappa Group. It was incorporated as TI Cycles of India Limited in 1949, as a joint venture company.

<span class="mw-page-title-main">Zorya-Mashproekt</span> Ukrainian gas turbine production complex


Zorya-Mashproekt is a research and production complex that specializes in a gas turbine construction. The complex is located in the city of Mykolaiv, Ukraine and is part of the Ukrainian Defense Industries (Ukroboronprom) state corporation.

<span class="mw-page-title-main">Titagarh Rail Systems</span> Indian rolling stock manufacturer

Titagarh Rail Systems Limited, formerly known as Titagarh Wagons Limited, is an Indian rolling stock manufacturer in the private sector. Established in 1984 as a rolling stock foundry unit, the company's headquarters are situated in Kolkata, West Bengal. Titagarh is publicly traded on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

<span class="mw-page-title-main">Khed City</span>

Khed City is an Industrial park near Pune, India. With an area of over 4200 acres, Khed city is a joint venture between Kalyani group and MIDC.

References

  1. ↑ "CHAIRMAN'S SPEECH TO THE MEMBERS OF THE COMPANY AT THE 50th ANNUAL GENERAL MEETING ON WEDNESDAY, 10th AUGUST 2011" (PDF). Bharat Forge. 10 August 2011. Retrieved 27 January 2022.
  2. ↑ "Bharat Forge History". The Economic Times. Retrieved 27 January 2022.
  3. ↑ "Kalyani Group" . Retrieved 27 January 2022.
  4. ↑ Kumar, V. Rishi (16 March 2019). "Kalyani Group to set up Missile MRO in Hyderabad". @businessline. Retrieved 5 February 2020.
  5. ↑ Eshel, Tamir (7 February 2014). "Kalyani Group Expands Defense Activities, into Artillery, Systems Modernization and Upgrading". Defense Update. Retrieved 5 February 2020.
  6. ↑ Sequeira, Newton (1 April 2016). "Kalyani Group and Junghans Defence partner to supply fuzing systems". The Times of India. Retrieved 5 February 2020.
  7. ↑ "Bharat Forge looks to build quadcopter, to help Army carry on mountainous terrain". The Financial Express. 22 February 2019. Retrieved 5 February 2020.
  8. ↑ www.ETAuto.com. "Kalyani Group mulls doubling of revenues from defence business – ET Auto". ETAuto.com. Retrieved 5 February 2020.
  9. ↑ "Bharat Forge plans towed gun system for armed forces". The Economic Times . 30 March 2012. Retrieved 26 October 2012.
  10. ↑ "CHAIRMAN'S SPEECH TO THE MEMBERS OF THE COMPANY AT THE 50th ANNUAL GENERAL MEETING ON WEDNESDAY, 10th AUGUST 2011" (PDF). Bharat Forge. 10 August 2011. Retrieved 27 January 2022.
  11. ↑ "Meet Baba Kalyani, MIT engineer & owner of Bharat Forge: Know about his journey, $2.4 billion net worth". Financialexpress. 21 May 2023. Retrieved 24 May 2023.
  12. ↑ "Kalyani Group" (PDF). Kalyani Steels. Retrieved 27 January 2022.
  13. ↑ Market, Capital (17 May 2021). "Bharat Forge to acquire balance 49% stake in Kalyani Strategic Systems". Business Standard India. Retrieved 27 January 2022.
  14. ↑ Sharma, Ritu (8 January 2024). "India Buys 'Majority Stakes' In Ukrainian Engine Firm As Ukraine War 'Holds-Up' Indian Navy Warship". The EurAsian Times. Retrieved 10 January 2024.
  15. ↑ Gope, Koushik (7 December 2023). "BHARAT FORGE LTD. Acquire of 51% stake in Zorya Mashproekt India Private Limited by Kalyani Strategic Systems Limited". ISMDU. Retrieved 10 January 2024.
  16. ↑ "Sharp India History | Sharp India Information". The Economic Times. Retrieved 27 January 2022.
  17. 1 2 "About us". Kalyani Steels. Retrieved 27 January 2022.
  18. ↑ "Kalyani Steels Ltd". Business Standard India. Retrieved 27 January 2022.
  19. ↑ https://web.archive.org/web/20160704233048/http://environmentclearance.nic.in:80/writereaddata/Online/TOR/0_0_31_Jul_2014_0922476971Annexure-Briefsummaryofproject.pdf
  20. ↑ https://web.archive.org/web/20220111173338/https://www.oecd.org/industry/ind/latest-developments-in-steelmaking-capacity-2021.pdf
  21. ↑ "Kalyani Carpenter Special Steels Private Limited Company Profile - India | Financials & Key Executives | EMIS". www.emis.com. Retrieved 27 January 2022.
  22. ↑ "Kalyani Group - the Top Leader in Technology & Engineering". stockedge.com. 12 February 2021. Retrieved 27 January 2022.
  23. ↑ "Kalyani Technoforge Limited (Kalyani Thermal Systems Limited)". MFG. Retrieved 27 January 2022.
  24. ↑ "About KTFL :: About Us :: Kalyani Technoforge". www.kalyanitechnoforge.com. Retrieved 27 January 2022.
  25. ↑ ":: Automotive Axles Limited ::". www.autoaxle.com. Retrieved 27 January 2022.
  26. ↑ "Kalyani Global". BSSL. Retrieved 27 January 2022.
  27. ↑ "Hikal – Who We Are | About Us". www.hikal.com. Retrieved 27 January 2022.
  28. ↑ "Kalyani Lemmerz vrooms in with $25 m to make car wheels". The Financial Express. 23 February 2007. Retrieved 27 January 2022.
  29. ↑ "Kalyani Lemmerz lines up $25 m expansion plan". The Economic Times. Retrieved 27 January 2022.
  30. ↑ "StackPath". www.americanmachinist.com. Retrieved 27 January 2022.
  31. ↑ "Wheel maker Hayes Lemmerz to be acquired by Brazil's Iochpe-Maxion". Automotive News Europe. 6 October 2011. Retrieved 27 January 2022.
  32. ↑ "Maxion Wheels: Pune, India". Maxionwheels. Retrieved 27 January 2022.
  33. ↑ "This Kalyani Group firm owns Rs 7,150 cr worth 3 Kalyani stocks; its m-cap stands at 90% discount!". Business Today. 29 December 2022. Retrieved 24 May 2023.
  34. ↑ "Synise Technologies Ltd. | Procurement Services | SCM | IT Products & Services | Asset Management Services". www.synise.com. Retrieved 27 January 2022.
  35. ↑ "Kalyani Centre for Technology & Innovation (KCTI)". www.bharatforge.com. Retrieved 27 January 2022.
  36. ↑ "Rozario to assist Watkiss at Kalyani Group's Football Club – Times of India". The Times of India. Retrieved 5 February 2020.
  37. ↑ "Pune FC and Bharat FC closing down is the beginning of the end of I-League". First Post. 20 August 2015. Retrieved 26 March 2021.
  38. ↑ "Bosch buys out Kalyani group from Kalyani Brakes". Business Standard India. Press Trust of India. 16 July 2005. Retrieved 27 January 2022.
  39. ↑ "Kalyani group buys German energy co". The Economic Times. Retrieved 27 January 2022.
  40. ↑ "New Group CEO at Kenersys". Wind Systems Magazine. Retrieved 27 January 2022.
  41. ↑ "German Kenersys wins 8 MW wind turbine project in India". Renewablesnow.com. Retrieved 27 January 2022.
  42. ↑ "Senvion to acquire Kalyani Group wind business". The Financial Express. Retrieved 27 January 2022.
  43. ↑ PM, Indulal; Kalesh, Baiju. "Arpwood-controlled Senvion to buy Kenersys from Bharat Forge founders". The Economic Times. Retrieved 27 January 2022.
  44. ↑ "Alstom Bharat Forge Begins Production at Gujarat Plant". NDTV.com. Retrieved 27 January 2022.
  45. 1 2 "Alstom Bharat Forge JV to Supply Steam Turbine Generator Islands for NTPC's Telangana Power Plant | GE News". www.ge.com. Retrieved 27 January 2022.
  46. ↑ "Alstom-Bharat Forge Joint Venture to supply two turbine islands for coal-fired power plants in India". Alstom. Retrieved 27 January 2022.
  47. ↑ "Production starts at Alstom-Bharat Forges new turbine and generator manufacturing facility in India". Alstom. Retrieved 27 January 2022.
  48. ↑ "Bharat Forge Divests 23% Stake In Alstom". NDTV.com. Retrieved 27 January 2022.
  49. ↑ "Bharat Forge exits JV with GE". www.thehindubusinessline.com. 27 February 2018. Retrieved 27 January 2022.
  50. ↑ Skaria, George. "Not just brother vs brother. Bharat Forge to Hinduja, women are fighting for family business". ThePrint.
  51. ↑ "Interview | 'I simply want what my parents left for our family,' says Sugandha Hiremath, non-executive director, Hikal". Financialexpress. 25 May 2023. Retrieved 29 August 2023.
  52. 1 2 3 4 "Kalyani trying to oust me from Hikal: Sister". The Times of India. 20 April 2023. ISSN   0971-8257 . Retrieved 29 August 2023.
  53. ↑ "Hikal ownership dispute: Kalyani family spar over 1993 agreement". Business Standard. Retrieved 29 August 2023.
  54. ↑ "Inside the ₹1,300 cr spat between billionaire Baba Kalyani and his sister". mint. 9 May 2023. Retrieved 29 August 2023.
  55. ↑ Mascarenhas, Rajesh (27 March 2024). "Kalyani family feud deepens: Hiremath siblings move court for share in HUF assets". The Economic Times.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.