JS Auto Cast Foundry India Private Limited, a step-down wholly owned subsidiary of Bharat Forge Limited, has secured an equity investment of around INR 3 billion from Premji Invest, resulting in the investor acquiring a 23 percent stake on a fully diluted basis. The investment is being made through a primary infusion and is aimed at supporting capacity expansion and consolidation initiatives in the ferrous castings segment.
The transaction involves Bharat Forge Limited, its wholly owned subsidiary BF Industrial Solutions Limited, and JS Auto Cast, which is held through BF Industrial Solutions. The investment will be made through a combination of equity shares and compulsorily convertible preference shares, with completion expected by 31 March 2026, subject to customary closing conditions.
The capital is expected to be used to expand JS Auto Cast’s casting capacity, invest in medium casting capability, and pursue acquisitions as part of industry consolidation. JS Auto Cast supplies critical ferrous castings for industrial and automotive applications and has been part of the Bharat Forge group since its acquisition in 2022.
“Since 2022 when we acquired JSA, the company has delivered excellent financial performance with topline, exports and profitability growing at a CAGR of 17 percent, 24 percent and 25 percent respectively, while enhancing its product mix and customer base,” said Amit Kalyani, Vice Chairman and Joint Managing Director of Bharat Forge. “We are delighted to partner with Premji Invest in the next phase of JSA’s growth journey.”
As of 31 March 2025, JS Auto Cast reported income of INR 6.97 billion, accounting for about 4.6 percent of Bharat Forge’s consolidated income. Its net worth stood at INR 2.32 billion, representing around 2.5 percent of the group’s consolidated net worth. These figures highlight the subsidiary’s scale within the broader Bharat Forge portfolio.
Under the definitive agreements governing the transaction, customary shareholder rights and obligations have been set out, including governance provisions, information rights, and transfer restrictions. The agreements also include a non-compete clause under which Bharat Forge will not engage in the ferrous casting business in India other than through JS Auto Cast. Business opportunities outside India may be explored if declined by the JS Auto Cast board. Structured exit mechanisms for the investor have also been provided, along with standard indemnity provisions.
“We are excited to partner with Bharat Forge on its growth and consolidation journey,” said Manoj Jaiswal, Partner at Premji Invest, who leads the firm’s Industrials and Buyout investments. “Through our investment in JSA, we look forward to jointly building a leading ferrous casting platform in the country.”
The transaction does not result in any change in the management or control of Bharat Forge Limited. PWC Investment Banking acted as the sole financial advisor to Bharat Forge for the transaction.
Bharat Forge Limited is a Pune-based Indian multinational supplying safety-critical components across automotive, power, oil and gas, construction and mining, rail, marine, defence and aerospace sectors, with manufacturing operations across multiple countries.
