Kalyani Steels Limited (KSL) has been informed by its related party, Bharat Forge Limited (BFL), about the execution of a Shareholders Agreement (SHA) on February 2, 2026. The agreement was entered into between BFL, its wholly owned subsidiary BF Industrial Solutions Limited (BFISL), BFL's step-down WOS J S Auto Cast Foundry India Private Limited (JS Auto), and PI Opportunities Fund I Scheme II (Investor). Under the SHA, certain entities affiliated with the BFL Group, including Kalyani Steels, are subject to non-compete restrictions concerning the ferrous casting business and non-solicitation restrictions as detailed in the agreement. The purpose of the SHA is to outline inter-se shareholder rights and obligations, including governance, information rights, transfer restrictions, and ancillary covenants for BFL Group to facilitate the transaction. Kalyani Steels Limited has no shareholding in BFL, BFISL, JS Auto, or the Investor. The agreement imposes a restriction on KSL from undertaking the ferrous casting business in India, except through JS Auto. However, business opportunities outside India can be explored or undertaken if rejected by the JS Auto Board of Directors. The company has confirmed that this agreement does not impact its management or control and is not considered a related party transaction as KSL is not a direct party to the SHA.
