Pune-based forgings maker Bharat Forge Ltd (BFL) plans to step into the manufacture of ultra heavy forgings catering to the power sector, including nuclear plants.

Under the proposed plan, the company would setup a new company and pump in Rs 1000 crore to Rs1, 200 crore.

BFL would hold major stake in the new plant. The company plans to form the latest plant with help of JV partners, for which it is already is in talk with various firms.  

The company would set up the new company at Gujarat or Vizag and the location would be finalized by the year-end. The plant is expected to be operational in three years.

Apart form this, Bharat Forge’s 51:49 joint venture with NTPC, christened as Bharat Forge NTPC Energy Systems, is also scouting for a location in Maharashtra, which it expects to finalise in the next couple of months.