It operates in various key sectors including engineering, steel, automotive and non-automotive components, renewable energy and infrastructure, and specialty chemicals.

The company manufactured black and white and colour television sets, and videocassette recorders under the brand name Optonica.

It is today a leader forging and machining critical parts like connecting rods, stub axles and driveline components.

[28] Automotive Axles Limited (AAL) was established in 21 April 1981 as a joint venture between the Kalyani Group (35.52%) and American company Meritor (35.52%).

It manufactures active ingredients and intermediates, and provides R&D services for pharmaceutical, animal health, biotech, and crop protection companies.

[31] Baba Kalyani established a wheel manufacturing facility in Chakan, Pune, at the request of Ratan Tata, with technology from Hayes Lemmerz.

[32] In February 2007, Kalyani Lemmerz announced that it would invest $25 million to expand capacity at its wheel manufacturing facility at Chakan.

The company manufactured conventional braking systems and components for passenger cars, tractors, three-wheelers and two-wheelers.

[44] In September 2010, Kenersys was awarded a contract by Bharat Forge to build a 8 MW wind turbine in Satara district, Maharashtra.

[46] In August 2016, the Kalyani Group reached an agreement to sell Kenersys to German wind turbine manufacturer Senvion for an estimated ₹250 crore (US$29 million).

[49] Alstom Bharat Forge won a contract to supply two units of 660 MW supercritical coal turbines to NTPC Limited for a power plant in Solapur, Maharashtra.

[50] Alstom Bharat Forge began production of supercritical turbines and generators at a new manufacturing facility at Sanand, Gujarat in May 2016.

[51] The company won a contract to supply two units of 800 MW ultra-supercritical steam turbine generator islands for the Telangana Super Thermal Power Project Phase-1 near Ramagundam.

[54] They submitted a case in the Bombay High Court, alleging that Kalyani's move to increase his group's stake by 5% aimed to gain full control, sidelining and ousting them.

Hiremath contended that Kalyani selectively disregarded a significant 1994 note indicating the transfer of Hikal shares to Sugandha's family.

[56] InGovern, an advisory firm, expressed concerns about the lack of agreement between conflicting promoter groups due to differing shareholdings, hampering the passage of special resolutions.

Hikal reaffirmed the Hiremath family's status as promoters, dismissing InGovern's claims and emphasizing that the ongoing lawsuit is a shareholder-level issue, unlikely to impact the company's performance.

[59] Baba Kalyani, who turned 75 has a net worth of over $4 billion, was removed from his board position of Hikal in January 2024.

[60] The suit states that while Baba Kalyani has derived several benefits from the 1994 Family Arrangement, he is refusing to meet his obligation to transfer the Hikal shares to Hiremaths.