New Delhi: Sona Comstar, a number one auto element producer, has determined to arrange a mergers & acquisition(M&A) committee.
The voluntary M&A committee will help in approving merger, demerger or preparations, and approve entry into new verticals. It’s going to additionally “evaluation, consider, scrutinize and take into account all proposals for making investments (together with acquisition), divestments, strategic alliances/technological tie-ups, international collaborations by the corporate or by its subsidiaries and make applicable suggestions to the Board of the corporate”, the corporate knowledgeable its buyers.
The committee shall be headed (Chairperson) by Sunjay Kapur, Non-Government Director. Manisha Girotra, Unbiased Director, and Vivek Vikram Singh, Managing Director and Group CEO, shall be members of the committee.
The Gurguram-based firm additionally knowledgeable its buyers in its alternate filings that Praveen Chakrapani Rao is appointed as its Group CTO and SMP, succeeding Kiran Manohar Deshmukh. Chakrapani Rao who has 24 years of expertise within the firm will take cost on November 1, 2024.
The corporate will make investments INR 83 lakh right into a particular function automobile (SPV), to be integrated by Cleantech Photo voltaic India OA 2 Pte Ltd (Cleantech), as a developer. The group captive solar energy mission is for its Chennai facility. Sona Comstar will purchase 26% fairness within the SPV and Cleantech the remaining 74%.
Sona Comstar, which supplies parts for electrified and non-electrified powertrain segments, has recorded a income of INR 885 crore with 19% YoY development for the quarter ended March 31, 2024.
