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Bharat Forge has reportedly entered into a significant supply agreement for long term co-operation with Rolls-Royce. The agreement reportedly foresees supply of critical & high integrity forged and machined components for a range of aero engines including the flagship Trent engine.
This award follows a period of collaboration over the last 18 months to define and secure the necessary level of stringent quality and process approvals. Both companies consider this award to be a significant milestone to cement a strong and long-term relationship.
Bharat Forge is the flagship company of the US$3.0 billion Kalyani Group and a global provider of high performance, innovative, safety & critical components and solutions to various industrial sectors including Automotive, Oil & Gas, Power, Construction & Mining, Aerospace and Rail & Marine.
As per a leading financial daily, State Bank of India (SBI) has initiated the process to sell its stake in National Stock Exchange. The bank owns around 15% in the exchange.
Reportedly, SBI could fetch around Rs 60 billion by selling such a stake in NSE. SBI group's investment includes more than 10% in the bank and 4.50% in SBI Capital Markets. The government has been asking all state-owned banks to sell their non-core assets, which do not involve loans and deposit business. This helps shoring up bank capital base, a key to grow.
As per the reports, the bank wants the National Stock Exchange to be listed. The SBI stand comes on top of similar demands by several private equity investors seeking an exit from the NSE, and adds pressure on the NSE management.
The script of SBI was trading down by 1.1% on the BSE at the time of writing.
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