Sona Comstar appoints Praveen C. Rao as new Group CTO; creates mergers & acquisition committee

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Sona Comstar appoints Praveen C. Rao as new Group CTO; creates mergers & acquisition committee
Sona Comstar appoints Praveen C. Rao as new Group CTO; creates mergers & acquisition committee

Sona Comstar reported INR 885 crore in revenue for the quarter that ended on March 31, 2024, representing a 19% YoY rise.

Leading auto component maker Sona Comstar has made the decision to form a mergers and acquisition (M&A) committee.

The voluntary M&A committee will aid in approving merger, demerger or arrangements, and approve entry into new verticals. It will also “review, evaluate, scrutinize and consider all proposals for making investments (including acquisition), divestments, strategic alliances/technological tie-ups, foreign collaborations by the company or by its subsidiaries and make appropriate recommendations to the Board of the company”, the company informed its investors.

Non-Executive Director Sunjay Kapur will serve as the committee’s chair. The committee will be composed of Vivek Vikram Singh, the group CEO and managing director, and Manisha Girotra, the independent director.

In addition, the Gurguram-based Sona Comstar notified investors in its exchange filings that Kiran Manohar Deshmukh has been replaced as Group CTO and SMP by Praveen Chakrapani Rao. Chakrapani Rao who has 24 years of expertise in the organization will take leadership on November 1, 2024.

Sona Comstar, a supplier of parts for both electrified and non-electrified powertrain segments, reported INR 885 crore in revenue for the quarter that ended on March 31, 2024, representing a 19% YoY rise.

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