Indian defence company Bharat Forge has increased its stake in military technology firm Aeron Systems, it said in a filing to the Bombay Stock Exchange on 30 December.
Bharat Forge, a subsidiary of the Kalyani Group, said its additional investment in Aeron Systems amounts to INR20 million (USD280,000) and that its shareholding in the firm has increased to 22.42% through the ownership of 78,000 shares.
The investment represents the second part of a three-tranche acquisition plan announced by Bharat Forge in May 2019. In total, Bharat Forge plans to acquire a 26% stake in Aeron Systems for more than INR100 million.
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