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Sona BLW Precision partners Israeli firm for smart mobility solutions

17-Aug-22 08:59 Hrs IST

Sona BLW Precision Forgings (Sona Comstar) has partnered with DRIVE, an Israel-based innovation hub focused on smart mobility solutions.

Drive collaborates with a select group of partners in the mobility industry. Its partners rely on DRIVE to bring top emerging technologies to them and tailor solutions to their needs. With its vast experience and network in the mobility realm, deep knowledge of each partner's assets, and the ability to back the partnership with focused investments, DRIVE can create effective matches between its partners and promising start-ups based on the real market needs. Drive TLV has helped more than 50 mobility-focused start-ups raise more than $2 billion to develop and commercialize new technologies since 2017.

As an innovation-hub partner, Sona Comstar can participate in DRIVE's start-up commercialization program, FASTLANE. Further, it will have access to DRIVE's new testing, evaluation and development centre, POWER.

Kiran M Deshmukh, Group CTO of Sona Comstar, said: Israel is one of the global hubs for smart mobility innovation. Drive TLV's accelerator, prototyping lab, and shared workspace encourage innovation, networking, and collaboration with mobility-focused technology start-ups. Our partnership with Drive will help us speed up our innovation processes as we look to expand our collaboration with the Israeli hi-tech ecosystem in the mobility space.

Itay Erel, CEO of Drive TLV said, We are thrilled to partner with Sona Comstar, Drive's first India based partner. Sona Comstar is a forward thinking and innovative organization that is focused on expanding their offering into new domains. There is no doubt that our new partnership will create exciting opportunities for Sona Comstar as well as for start-ups and fellow partners in Drive's ecosystem.

Sona BLW Precision Forgings (Sona Comstar) is one of the world's leading automotive technology companies. It is primarily engaged in designing, manufacturing, and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs. Sona Comstar is a leading supplier to the fast-growing global Electric Vehicle (EV) market.

On a consolidated basis, net profit of Sona BLW Precision Forgings declined 7.77% to Rs 75.84 crore on 17.67% rise in net sales to Rs 589.22 crore in Q1 June 2022 over Q1 June 2021.

Shares of Sona BLW Precision Forgings rose 0.05% to Rs 570.20 on Tuesday (16 August 2022).