New Delhi: Sona Comstar, a number one auto part producer, has determined to arrange a mergers & acquisition(M&A) committee.
The voluntary M&A committee will assist in approving merger, demerger or preparations, and approve entry into new verticals. It would additionally “assessment, consider, scrutinize and contemplate 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 acceptable suggestions to the Board of the corporate”, the corporate knowledgeable its buyers.
The committee can be headed (Chairperson) by Sunjay Kapur, Non-Government Director. Manisha Girotra, Impartial Director, and Vivek Vikram Singh, Managing Director and Group CEO, can be members of the committee.
The Gurguram-based firm additionally knowledgeable its buyers in its change 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 challenge is for its Chennai facility. Sona Comstar will purchase 26% fairness within the SPV and Cleantech the remaining 74%.
Sona Comstar, which offers elements for electrified and non-electrified powertrain segments, has recorded a income of INR 885 crore with 19% YoY progress for the quarter ended March 31, 2024.
