Companies

Sona partners with Blackstone-backed Comstar for EV tech venture

Our Bureau New Delhi | Updated on August 30, 2019

Automotive drivetrain company Sona Precision Forging on Friday announced that it has come together with Comstar Automotive, which is backed by asset management firm Blackstone, to create an electric vehicle-focussed automotive technology platform called Sona Comstar.

This move will help the companies involved to pool R&D and create a joint technology roadmap. It has also enabled creation of an “Integrated Electric Drive Unit”, which powers the drivetrains of electric vehicles, a press statement claimed.

Blackstone had acquired Comstar Automotive in 2018 and as part of this new deal has acquired a 33 per cent stake in Sona Precision Forging, which was earlier held by JM Financial.

“This transaction marks the amalgamation of mechanical and electrical capabilities of two world class companies. We will now offer our customers integrated technology products and solutions for Hybrid, EV as well as conventional powertrains. With our EV focussed automotive technology platform, we will cater to the future of the automotive industry,” said Sunjay Kapur, Chairman, Sona Comstar.

This new entity Sona Comstar will allow Sona to expand its geographical footprint to China, US, Mexico and South India, while Comstar will get access to North and West India and European markets, the statement further said.

Published on August 30, 2019

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