Balu Forge Industries formed a joint venture, Swan Balu Heavy Industries Private Limited (SBHIPL), by subscribing to 40,000 equity shares. Balu Forge holds 40% stake in SBHIPL, an SPV incorporated in April 2025 with Swan Energy. SBHIPL will focus on supplying products and solutions for defence, aerospace, railways and nuclear sectors. Ashish Kacholia holds a 1.64% stake in Balu Forge.