Premji Invest picks 23% in Bharat Forge unit for ₹300 crore

Mumbai: Premji Invest is set to pick up a 23% stake in JS Auto Cast Foundry India Pvt. Ltd, a unit of Bharat Forge, for ₹300 crore, as per stock exchange disclosures made by the Baba Kalyani-backed firm. The transaction is likely to be completed by 31 March 2026, it said.

JS Auto, a fully-owned step-down subsidiary of Bharat Forge, supplies ferrous castings for industrial and automotive applications.

The investment will be made through infusion of primary capital into the company, the filing said. JS Auto will use the capital to invest in medium casting capacity and to look for acquisition opportunities in the industry.

As per the transaction terms, Premji Invest will be under a non-compete clause and will not be able to engage in the ferrous casting business in India. It can explore investments in castings outside India, but JS Auto will have the first right of rejection.

The transaction comes nearly four years after the Pune-headquartered Bharat Forge acquired Coimbatore-based JS Auto in July 2022 at an enterprise valuation of ₹490 crore. The company had revenues of just under ₹700 crore in FY25, accounting for nearly 5% of Bharat Forge’s consolidated topline that year.

Premji Invest is the family office of Wipro founder Azim Premji with $14 billion of assets under management. The investment will be made through PI Opportunities Fund I Scheme II, an alternate investment fund managed by Premji Invest.

“Since 2022 when we acquired JSA, the company has delivered excellent financial performance with topline, exports and profitability growing at a CAGR of 17%, 24% and 25% respectively, while enhancing its product mix and customer base,” Amit Kalyani, vice-chairman and joint managing director of Bharat Forge, said in a press release.

Manoj Jaiswal, partner at Premji Invest, who leads the firm’s industrials and buyout investments, said collaborating with leading conglomerates on their growth and consolidation journey was one of the strategic pillars of the investment firm. “Through our investment in JSA, we look forward to jointly building a leading ferrous casting platform in the country,” Jaiswal said.

Bharat Forge shares rose nearly 5% to close at ₹1,443.85 on the BSE on Monday, compared to a 1.2% gain in benchmark Sensex. The announcement was made during trading hours.