Sona Comstar, a leading auto component manufacturer, has taken a strategic step forward by forming a mergers and acquisition (M&A) committee to oversee crucial decisions in its corporate structure.
The newly established M&A committee will play a pivotal role in approving mergers, demergers, or arrangements, as well as evaluating opportunities for entry into new verticals. Additionally, it will undertake the responsibility to review, evaluate, scrutinize, and consider all proposals related to investments, divestments, strategic alliances, technological tie-ups, and foreign collaborations by the company or its subsidiaries. These decisions will then be recommended to the Board of Directors for final approval, as per the company’s statement to its investors.
Leading the M&A committee as its chairperson will be Sunjay Kapur, a Non-Executive Director of Sona Comstar. Kapur will be supported by Vivek Vikram Singh, the Group CEO and Managing Director, and Manisha Girotra, an Independent Director.
In a recent exchange filing, Sona Comstar also announced significant leadership changes. Kiran Manohar Deshmukh, who previously held the position of Group CTO and SMP, has been replaced by Praveen Chakrapani Rao. Rao, who brings with him 24 years of experience within the organization, is set to assume leadership responsibilities starting from November 1, 2024.
Sona Comstar, known for supplying parts for both electrified and non-electrified powertrain segments, reported a significant milestone in its financial performance. The company achieved INR 885 crore in revenue for the quarter ending on March 31, 2024, marking a notable 19% year-on-year rise.