Auto components firm Bharat Forge said it intends to undertake electric vehicle (EV) business through a special purpose vehicle, which would be a wholly-owned subsidiary of the company.

As an initial step, the company has decided to acquire newly formed group firm Kalyani Powertrain Pvt Ltd (KPPL), Bharat Forge said in a regulatory filing.

The investment committee (Strategic Business) of the company approved acquisition of 100 per cent stake in KPPL which shall act as the SPV to carry on the EV business, it added.

The company intends to consolidate its EV initiatives under one single wholly-owned subsidiary, it said.