New Delhi: Kalyani Strategic Systems Limited (“KSSL”), a wholly owned subsidiary of Bharat Forge Limited (“the Company”) has incorporated a Company “Sagar-Manas Technologies Limited” (SMTL) in pursuant to a Joint Venture Agreement  executed between KSSL and Kyrgyzstan Open Joint Stock Company Dastan Transnational Corporation Ltd (Dastan) with an aim to participate in joint upgradation and manufacturing and providing solutions for marine and defence products which will be undertaken through SMTL as a special purpose vehicle.

Dastan is a leading multipurpose enterprise engaged in the development, manufacturing, sale of defence equipment, electronic devices, medical centrifuges.

Upon completion of conditions as envisaged in the Agreement, Dastan will acquire 49% of stake in SMTL. Consequently, KSSL will hold 51 %. These details are required under SEBI (Listing Obligations and Disclosure Requirements) regulations.

KSSL has promoted and incorporated SMTL to undertake design, development, manufacturing, assembly, testing, integration, trading, marketing, sales, providing services, spares support, after sales support, R&D for various marine and defence products and solutions.