Bharat Forge on Tuesday formally signed the joint venture contract with China FAW Group to acquire its forging business.

The contract was signed in Mumbai between Dong Chunbo, chairman of FAW Forging and Baba Kalyani, chairman of Bharat Forge. Zhu Yanfeng, CEO of FAW Group, was also present.

The parties said in a statement that this landmark transaction is the largest acquisition in China by an Indian company.