Special Correspondent

NEW DELHI: Amid financial turmoil in the global markets, leading automobile component-maker Bharat Forge has announced that it had deferred the rights issue amounting Rs. 400 crore. It also announced the formation of a joint venture with global power systems manufacturer and service provider, Alstom, for critical and high technology equipment for power generation. Announcing this at a press conference here on Monday, Baba N. Kalyani, Chairman and Managing Director, said that considering the current market conditions, the company had decided to defer the Rs. 400 crore rights issue and the Bombay Stock Exchange had already been notified.