Auto components major Bharat Forge on Friday said it has formed a joint venture with Germany's Refu Electronik GmbH for development and manufacture of electric vehicle components with an investment of 11.35 million euros (about Rs 89 crore).

The JV in which the company will hold 50 per cent stake will be into developing, manufacturing and selling of on board controllers and components, mainly - drives, invertors, converters (including AC/DC), Bharat Forge said in a regulatory filing.

Besides, the new venture will develop and manufacture all kinds of auxiliary applications, related power electronics and battery management systems for all quality of e-mobility vehicles such as hybrid and electric 2-wheelers, 3-wheelers, cars and commercial vehicles, it added.

Bharat Forge will hold 50 per cent stake in the JV by making an investment of 11.35 million euros by way of equity shares at nominal value of 1 euro, subject to fulfilment of conditions in share purchase agreement and JV agreement between the parties, the filing said.

"Both parties will have joint management with equal rights to appoint board with equal capital contribution and representation. Each party as a shareholder of the proposed JVC, will have affirmative rights on certain businesses, strategic and governance matters," it added.