Penal Action On Bharat Forge’s German Subsidiaries: ICICI Direct
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ICICI Direct Report
Bharat Forge Ltd. has notified that its German subsidiaries (Bharat Forge Aluminium technik GmbH, Bharat Forge CDP GmbH and Bharat Forge Global Holding GmbH) have reached a settlement with the German competition regulator for potential unfair trade practices in 2004-18.
The company’s German subsidiaries are required to pay in aggregate 32 million pound (approximately Rs 300 crore) as settlement charges over the next five years.
The said judgement comes as a negative surprise. As per our estimates, this could potentially hit the company’s profit and loss in a gradual manner over the next five years.
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