Bharat Forge share surges 2% as it opens R&D facility in UK

India’s leading exporter of auto components Bharat Forge's share rose over 2% today on the bourses after the company announced that it has opened a Research & Development (R&D) facility in MIRA Technology Park  in the UK .
 
Even as the company's stock saw some correction in the past one week, the stock  gave steady  56% in 1 year.
 
The company will be developing components and sub-systems focused on Electric Vehicles at the facility,  Bharat Forge said in a statement.
 
"This facility will complement the capabilities and knowledge established over the past 2 years in Kalyani Centre for Technology & Innovation (KCTI) & Kalyani Centre for Manufacturing Innovation (KCMI) in Pune focused on delivering solutions for Electric Vehicles," the statement said.
 
The Electric Mobility Research and Development Centre will be able to tap into the testing facilities at MIRA Technology Park as well as the pool of engineering talents in the Midlands, it said.
 
Commenting on the new facility, Amit Kalyani, Executive Director, said, “We are really impressed with the infrastructure and the facilities available in MIRA Technology Park and have set up a research facility focused on R&D for powertrain solutions for Electric Vehicles.”
 
“Several large global original equipment manufacturers (OEMs) and Tier 1 companies are already present at MIRA technology Park for development & testing of vehicles and systems in the EV space. The infrastructure and knowledge available would only help hasten the development for BFL and reduce our time to entry in this very important market space.”