Sona BLW Precision Forgings Ltd (Sona Comstar*), a leading global automotive technology company, has partnered with Drive TLV ("DRIVE"), an Israel-based innovation hub focused on smart mobility solutions. The partnership with DRIVE will give Sona Comstar access to Israel's hi-tech mobility start-up ecosystem.
Drive TLV 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.
Sona Comstar is an innovation-led automotive technology company providing mission critical systems and components to our customers worldwide. The industry is fast transitioning to electrification, connected, autonomous and shared mobility. We are developing multiple new products for advanced mobility applications by supplementing our strong R&D efforts with strategic partnerships with innovative start-ups. 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.
Commenting on the partnership, 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."
Shares of Sona BLW Precision Forgings Limited was last trading in BSE at Rs. 570.20 as compared to the previous close of Rs. 569.90. The total number of shares traded during the day was 84589 in over 5736 trades.
The stock hit an intraday high of Rs. 575.20 and intraday low of 558.50. The net turnover during the day was Rs. 47883722.00.