Bharat Forge may buy Groupe Sifcor of France

Forgings major Bharat Forge is believed to have acquired an 89% stake in French forgings company Groupe Sifcor (Society of Industrial and Financial Courcelles). The acquisition will give Bharat Forge an entry into the French automotive sector and access to big Sifcor clients like PSA Citroen and Renault. Groupe Sifcor had posted euro 172 million (about Rs 1,152 crore) revenues last year. Last week, news about a possible acquisition appeared in a French newspaper. However the company officials at this stage declined to comment on the same.

Groupe Sifcor has five manufacturing sites in Europe. It employs 1,280 people and spends 3% of its turnover on R&D. In 2007, the company produced 48,000 tonne of high-grade steel. Family-owned Groupe Sifcor was formed in the 1880s and is comprised of three subsidiaries for hot-die forging, warm extrusion and cast forgings.