Bharat Forge defers Rs 400 cr rights issue

New Delhi, Nov 10 (UNI) Auto components maker Bharat Forge Ltd today said it has deferred a Rs 400 crore rights issue to the worsening market conditions.

''How can we do a rights issue...the markets are challenging all over the world,'' company Chairman Baba Kalyani told reporters here.

The Pune-based Bharat Forge, the world's second largest forgings maker, today entered into a joint venture agreement with Alstom Power Systems, a unit of French power and transport equipment maker Alstom for manufacturing state-of-art supercritical power plant equipments in the country.

The JV will design, engineer, manufacture and deliver turbine and generator island of 600-800 MW supercritical range with a total installed capacity of 5 GW per annum.

Both the companies have also agreed to explore manufacture of turbines and generators in sub-critical range for gas nuclear applications.

The agreement involves setting up of two companies-the first JV company for manufacturing of core turbine and generators and the other for manufacturing of all the auxiliaries.

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