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Automotive component maker Sona BLW Precision Forgings (Sona Comstar) on Tuesday, he said, has commenced operations at its new manufacturing plant in Manesar, Haryana. The five-acre plant will manufacture differential components and electric drive modules for the company’s global customers.

The plant is expected to create direct employment for 720 skilled workers.

The company has earmarked Rs 377 crore for the plant. Part of the investment has been completed in the first phase and the rest will be completed in the coming years.

“The plant is being built with a focus on manufacturing differential components for electric vehicle customers. We have adopted cutting-edge technologies and techniques at the plant to meet the stringent quality requirements of our customers.” He said in a statement.

The company filed a document last month. It will make an initial public offering. (IPO) to raise 600 billion won.

As stated in the DRHP like, apart from general corporate purposes, the Blackstone-promoted company plans to use the proceeds of the new issue to repay/prepay 22.5 borrowings to the tune of Rs. crore.

The Company designs, manufactures and supplies highly engineered core automotive systems and components such as differential assemblies, differential gears, conventional and micro-hybrid starter motors, BSG systems, electric vehicle traction motors and motor control units.

We supply OEMs in the electrified and non-electrified powertrain segments in the U.S., Europe, India and China with components that are not dependent on a single product, vehicle segment or customer.

The company is not only India’s largest manufacturer of differential gears for passenger cars, commercial vehicles and tractors, but also one of the largest exporters of starters in India.

Key OEMs Includes global electric vehicle OEMMs, North American passenger and commercial vehicle manufacturers, Ashok Leyland, Daimler, Escorts, Mahindra Mahindra, Mahindra Electric, Maruti Suzuki, Renault Nissan, Volvo and Volvo Eicher.