Bharat Forge expects China venture to post annual profit
Updated: 2010-12-23 15:01
Bharat Forge Ltd, India's biggest automotive forgings maker, expects its China venture to post an annual profit for the first time since it began four years ago, Bloomberg News reported Thursday.
"The Chinese joint venture has turned around completely," Amit Kalyani, executive director at the Pune-based company, said in an e-mail interview. "We are looking at expanding its product portfolio and increasing the customer base."
Bharat Forge's billionaire chairman Baba Kalyani aims to tap demand for auto parts in China where car sales may climb by as much as 15 percent in 2011, according to estimates by General Motors Co and Volkswagen AG.
Sales of passenger cars to dealers in China increased 29.3 percent in November from a year earlier to a monthly record of 1.3 million units, the report cited data from China Association of Automobile Manufacturers.
The venture's profits will be announced in May when Bharat Forge reports its full-year earnings, he said.
China and the world set to embrace the merciful, peaceful year of rabbit
Historical records and Caucasian features of locals suggest link with Roman Empire.
Coastal Yantai banks on little things that matter to grow
The State Council launched a new round of measures to rein in property prices.