Sona Comstar and Blackstone: Unlocking Value Through Business Transformation

Private equity firm Blackstone’s majority investment in automotive systems manufacturer Sona Comstar had culminated in the largest IPO in the Indian auto components industry in 2021, with stellar returns for all involved. This EV supplier was the result of a 2019 merger of Sona BLW, a gear manufacturer founded in 1995, and Comstar, a starter motor manufacturer, to create Sona Comstar. The 4-year journey from investment to IPO had entailed the development of a strategic roadmap to transform the new entity into a technology-led automotive systems supplier focused on electric vehicles. By 2023, Sona Comstar was a leader in the EV space, had a rigorous R&D program, and boasted strong growth, excellent margins, and high returns. With Blackstone’s complete exit, Sona Comstar now had to plan its strategy for achieving its ambition to be the next global engineering giant.