New Delhi: Sona Comstar, a leading auto component manufacturer, has decided to set up a mergers & acquisition(M&A) committee.
The voluntary M&A committee will aid in approving merger, demerger or arrangements, and approve entry into new verticals. It will also “review, evaluate, scrutinize and consider all proposals for making investments (including acquisition), divestments, strategic alliances/technological tie-ups, foreign collaborations by the company or by its subsidiaries and make appropriate recommendations to the Board of the company”, the company informed its investors.
The committee will be headed (Chairperson) by Sunjay Kapur, Non-Executive Director. Manisha Girotra, Independent Director, and Vivek Vikram Singh, Managing Director and Group CEO, will be members of the committee.
The Gurguram-based company also informed its investors in its exchange filings that Praveen Chakrapani Rao is appointed as its Group CTO and SMP, succeeding Kiran Manohar Deshmukh. Chakrapani Rao who has 24 years of experience in the company will take charge on November 1, 2024.
The company will invest INR 83 lakh into a special purpose vehicle (SPV), to be incorporated by Cleantech Solar India OA 2 Pte Ltd (Cleantech), as a developer. The group captive solar power project is for its Chennai facility. Sona Comstar will acquire 26% equity in the SPV and Cleantech the remaining 74%.
Sona Comstar, which provides components for electrified and non-electrified powertrain segments, has recorded a revenue of INR 885 crore with 19% YoY growth for the quarter ended March 31, 2024.
