Blackstone Group Inc. closed its purchase of a 33% stake in Sona BLW Precision Forgings Ltd. from JM Financial Ltd.
The private equity giant further provided primary capital to Sona BLW to merge it with its portfolio company COMSTAR Automotive Technologies Pvt Ltd. The remaining 67% stake in Sona BLW is owned by Sona Group, which is led by Sunjay Kapur.
The merger of the two India-based companies formed an electric vehicle-focused automotive technology platform known as Sona Comstar. Kapur was named chairman of the new platform.
Sona Comstar enables Sona to add China, the U.S., Mexico and South India to its geographic footprint, and provides Comstar with access to North and West India and the European markets. The merged company provides automotive components to original equipment manufacturers across passenger vehicles, commercial vehicles and off-highway vehicles in the U.S., Europe, India and China.
The combination also allowed both companies to mesh their research and development efforts and develop a joint technology road map and solutions, including an integrated electric drive unit, according to a news release.
