Bharat Forge is believed to have acquired an 89% stake in French forgings company Groupe Sifcor (Society of Industrial and Financial Courcelles), according to news sources in India.
The acquisition will give Bharat Forge an entry into the French automotive sector and access to big Sifcor clients such as PSA and Renault, according to the Economic Times newspaper. The size of the deal was not reported.
Sources said that Bharat Forge probably had a preliminary agreement, which is mandatory in France, since work councils and other local bodies have to be informed about any corporate deal. "It could take up to 6-7 months for a final agreement to happen," according to these sources.
On its website, Sifcor itself as a family company that was founded in the 1880s. The company has served various markets, including the automotive industry, which has developed considerably since the 1950s, until it now represents the main part of its activity.
Today, the SIFCOR Group produces components by hot die forging, warm extrusion and a cast-forged process. The cast-forged process starts with a permanent molded blanks, which then are subjected to forging. The process is said to be advantageous for safety critical parts made of lightweight alloys. The company also provides assembly operations in which it provide customers with finished, forged parts that are machined, painted, and assembled, and when requested serves as the logistics coordinator.