State-run NTPCNSE -1.58 % Wednesday said its joint venture with Bharat ForgeNSE -4.13 % has initiated a voluntary liquidation process under 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 industriesNSE -1.51 %.
As BF-NTPC has not commenced any business yet, both JV partners have decided to close down the company, it added.
Bharat Forge is the majority partner in the JV.
