Pune-based Indian multinational company, Bharat Forge Ltd, on Tuesday announced a strategic investment of around Rs 90 crore (£10 million) in the UK-based electric vehicle company – Tevva Motors (Jersey) Limited, reported Times of India.
Tevva provides electric powertrain solutions for commercial vehicles and buses in the 7.5-14 tons weight category. This is soon to be extended for the development of new commercial vehicles and buses.
By this investment, Bharat Forge has also acquired a license for commercialisation of the Tevva technology within India and for strengthening its research and development (R&D) activities in the e-mobility space.
Bharat Forge has been working on its R&D and technology strategy in the electric vehicle space over the last few years. This is the company’s third major initiative in the EV space and comes shortly after the start of the ‘Engineering and Development Centre’ at MIRA, UK and the investment in Tork Motorcycles Pvt Ltd, Indian electric two-wheelers company.
With these initiatives, Bharat Forge aims to create a range of products to complement the requirements of EV makers, thereby growing its revenue per vehicle.