Chennai, Jan 9 (IANS): Sona BLW Precision Forgings Ltd (Sona Comstar) on Monday said it has signed an agreement to acquire a 54 per cent equity stake in NOVELIC, a Serbia-based mmWave radar sensor maker, for an undisclosed sum.
The revenue of NOVELIC for 2022 and after tax profit is estimated at 9.3 million euros and 2.5 million euros, respectively.
With this acquisition, Sona Comstar is foraying into the ADAS sensors and software to address the megatrends of increasing vehicle autonomy and automation.
NOVELIC is vertically integrated across the value chain from machine learning and perception software to hardware and chip design.
The Serbian company partners include global automotive OEMs, autonomous vehicle makers, Tier-1s and chip manufacturers like Infineon and Texas Instruments, Sona Comstar said.