Equipmake's patented technology offers high power density and efficiency with high performance, making it ideal for electric cars, buses, and commercial vehicles.

Under the agreement, Equipmake will license certain patented spoke motor and inverter technology in the power range of 100kW to 440 kW to Sona Comstar to manufacture and sell EV Powertrains, sub systems, and components for electric cars, buses, commercial vehicles and off-road vehicles.

Sona Comstar will lead the business development and customer sales in India, Thailand and select South Asian countries, while Equipmake will lead the sales in the rest of the world.

Sona Comstar will exclusively manufacture EV Powertrains, sub-systems, and components, based on Equipmake's patented technology, for the target applications exclusively in India and other select markets.

Sona Comstar will also manufacture and sell EV Powertrains, sub-systems, and components for the target applications to Equipmake and its global customers in other overseas markets. The companies expect the serial production of these systems to commence in 2025.

Equipmake has over 20 years of experience developing and integrating industry-leading electrification products for the provision of electric vehicle drivetrains to meet the needs of the automotive, aerospace and other sectors in support of the transition from fossil-fuelled to zero emission vehicles. Equipmake specialises in ultra-high performance electric motors, complete EV drivetrains and ultra-fast power electronic systems.

CRISIL expects the demand for electric passenger vehicles in India to increase to 25% in FY32, up from less than 1% in FY22, led by the commercial segment (fleet) due to favourable economics. In absolute numbers, it estimates the electric car market in India to grow from 30 thousand units in FY22 to 1.6 million in FY32.

Sat Mohan Gupta, CEO of motor business at Sona Comstar, said, "We are delighted to partner with Equipmake to bring their cutting-edge motors and inverters technologies to India.

With Equipmake's advanced technology and Sona Comstar's manufacturing and sales capabilities, we aim to offer our customers high-performance, efficient, cost-effective electrified drivetrain solutions.”

Sona BLW Precision Forgings (Sona Comstar) is one of the world's leading automotive technology companies. The company has emerged as a global supplier with nine manufacturing and assembly facilities across India, USA, Mexico and China. It is primarily engaged in designing, manufacturing and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs.

The company reported a 14.5% rise in consolidated net profit to Rs 119.81 crore on 35.5% surge in revenue from operation to Rs 742.59 crore in Q4 FY23 over Q4 FY22.

Shares of Sona BLW Precision Forgings were up 0.69% to currently trade at Rs 550.55 on the BSE.