Bharat Forge Ltd said it formed a joint venture with KPIT Cummins Infosystems Ltd to manufacture and market an indigenously developed hybrid technology solution for automobiles - Revolo.
This will enable vehicles to increase fuel efficiency and engine performance, while significantly decrease green house gas (GHG) emissions. The technology has been designed and engineered by KPIT Cummins, while the solution for automobiles would be manufactured through a joint venture between Bharat Forge and KPIT Cummins, it said in a regulatory filing.
As part of the joint venture, KPIT Cummins will license the technology, while Bharat Forge would bring in its manufacturing, assembly and integration expertise. Revolo is an indigenous and innovative solution that has been conceptualised, developed and frugally engineered in India.
On Monday, Bharat Forge's shares fell 4.18% to Rs257 and KPIT ended 2.4% down at Rs108 on the Bombay Stock Exchange, while the benchmark Sensex ended 2% down at 16,781 points.
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