Bharat Forge writes off its investment in Tork Motors

The Kalyani Powertrain Limited, a subsidiary of Bharat Forge, controls a 64.29% stake in Tork Motors.

Pune-based electric 2-wheeler maker, Tork Motors, could be winding down its operations. As per reports, production has ground to a halt and the company has even sent a ‘Notice of Role Dissolution and Employment Termination’ email to its employees.

Tork Motors has dispatched a single vehicle to its dealers since December. In fact, it is said that dealers have filed a police complaint against the company over pending dues. As per Kiran Pathare, Assistant Police Inspector, Pimpri Chinchwad, the investigation is ongoing and action should be taken by next week.

Another big development is that Bharat Forge, the biggest shareholder in Tork Motors, has written off its investment. The Kalyani Powertrain Limited, a subsidiary of Bharat Forge, controls a 64.29% stake in Tork Motors.

Amit Kalyani, Vice Chairman & Joint Managing Director of Bharat Forge, said, “We have written off all our investment in this company so far. We are working with them to see how we do an orderly wind-up. But as far as our investment is concerned, this is the large part of it.”

Tork Motors’ profitability took a hit following the withdrawal and reduction in the FAME scheme. It is said to be one of the main reasons why the company has been struggling to stay afloat.