State-run NTPC on Wednesday said its joint venture (JV) with Bharat Forge has initiated a voluntary liquidation process under the Insolvency and Bankruptcy Code (IBC).
“BF-NTPC Energy Systems (BF-NTPC), a 49:51 joint venture between NTPC and Bharat Forge, has initiated a voluntary liquidation process under IBC, 2016 in its extraordinary general meeting held on October 9, 2018,” an NTPC statement said.
BF-NTPC was incorporated on June 19, 2008 with an aim of taking up manufacturing of casting, forgings, fittings and high pressure piping required for power and other industries.
As BF-NTPC has not commenced any business yet, both JV partners have decided to close down the company, it added. Read More
Bharat Forge, NTPC joint venture initiates liquidation under IBC added by ET Energy World on
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