- It is expected to generate direct employment for 720 skilled workers
- The company has earmarked Rs 370 crore for the facility
Auto component maker Sona BLW Precision Forgings (Sona Comstar) on Tuesday said it has commenced operations at i.s new manufacturing plant in Manesar, Haryana. e facility, which is spread across five acres, will produce differential assemblies and e-drive modules for the company”s global customers. It is expected to generate direct employment for 720 skilled workers.
The company has earmarked Rs 370 crore for the facility. Some of the investment has already been completed in the first phase. The rest will be done over the next few years.
Sona Comstar Chairman Sunjay Kapur said in a statement that the facility was built with the intention to focus on manufacturing differential assemblies for EV customers globally. The company has used state of the art technology and processes in this plant to meet the stringent quality requirements of our customers.
Filed papers to raise Rs 6,000 crore via an initial public offering
Last month, the company filed papers to raise Rs 6,000 crore via an initial public offering (IPO).As stated in the DRHP, the Blackstone promoted company intends to utilise the proceeds from the fresh issue to repay/prepay Rs 225 crore of its borrowings besides general corporate purposes.
The company is into designing, manufacturing and supplying highly engineered critical automotive systems and components such as differential assemblies, differential gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors and motor control units. It supplies components to automotive OEMs across the US, Europe, India and China, for both electrified and non-electrified powertrain segments.