Sona BLW Precision Forgings completes acquisition of 54% share capital and voting rights in Novelic

Sona BLW Precision Forgings Ltd. | Auto Ancillary | Automobiles | BSE: 543300 | NSE: SONACOMS

05 Sep 2023 Evaluate

Sona BLW Precision Forgings has completed the acquisition of 54% share capital and voting rights in Novelic d.o.o. Beograd – Zvezdara (a company registered with Business Registers Agency having office in Belgrade, Serbia) (Novelic) on September 4, 2023, through acquisition 51% of its share capital and voting rights from the existing shareholders and 3% of the share capital and voting rights as a result of capital infusion in Novelic, as per terms of the definitive documents executed in this regard.

With Novelic’s capabilities in sensors and perception solutions, Sona Comstar intends to expand in the area of autonomous and connected vehicle technologies. Total adjusted consideration is Euro 40.097 million payable under a deferred payment mechanism in three tranches, 60% of which is payable within 10 business days from the date when the ruling on capital increase becomes non-appealable and remaining 40% in 2 yearly tranches of 20% each, as per the terms of the definitive documents.

Sona BLW Precision Forgings is one of the leading automotive technology companies in India. It is primarily engaged in designing, manufacturing, and supplying high-quality mission-critical automotive components such as differential assemblies, gears, conventional and micro-hybrid starter motors, etc.