Sona Comstar publishes First Sustainability Report on the Future of Mobility

January 12, 2023 2:41 pm

First Sustainability Report has mainly highlighted the company’s commitment to its customers, employees, shareholders, partners, communities and the planet. 

Sona BLW Precision Forgings Limited (Sona Comstar), one of the leading providers of automotive technology solutions globally has published its first Sustainability Report developed around the theme “Accelerating towards the future of mobility, Sustainably”. The report provides insights into the company’s governance, environment and social performance.

Sona’s first sustainability report comprehensively reviews their achievements and includes plans to drive long-term value for all the stakeholders. They have adopted a strategic framework for ESG performance management and identified material sustainability issues for the business. Also, defined our incremental goals and targets under ESG materiality topics. These goals and targets will help them continuously strengthen how to operate and achieve more sustainable growth for their business and stakeholders.

They are engaging with the local communities to build a safer environment for them to thrive. They are focusing on creating opportunities for all stakeholders through our multi‐pronged CSR interventions encompassing education, healthcare, livelihood and self‐sustenance training. Sona Comstar has partnered with Ashoka University to promote women’s representation in STEM education and encourage their participation in the workforce. As an organization, they place great importance on technology, innovation and entrepreneurship.

Also, they have collaborated with the Foundation for Innovation and Technology Transfer (FITT), an industry interface of the Indian Institute of Technology(IIT), Delhi, and the Indian Institute of Management(IIM), Ahmedabad, to support innovation and start-ups.  Sona Comstar fund, support and collaborate with FITT on various activities, building opportunities for Indian innovators to create safe, convenient and eco‐friendly mobility for everyone.

Company has prepared the report as per the ‘GRI Standards – In accordance – Core’, and it aligns with United Nations Sustainable Development Goals (UN SDGs) and SASB reporting requirements. As part of Sona Comstar’s ESG strategy, the company currently aligns with eight United Nations Sustainable Development Goals (SDGs): Quality Education, Affordable and Clean Energy, Decent Work and Economic Growth; Industry, Innovation and Infrastructure, Sustainable Cities and Communities, Responsible Consumption and Production, Climate Action, and Peace, Justice and Strong Institutions.

Mr Sunjay Kapur, Chairman of Sona Comstar said, ” We live in turbulent times. The aftereffects of the COVID-19 pandemic, the war in Europe, the global economic slowdown, high inflation, and climate change; Results Release For immediate publication Page | 2 all these events reaffirm the importance of sustainable development and make us reflect on the values that bind our society together. Sustainability is at the heart of everything we do at Sona Comstar. It is central to the trust placed in our company by all stakeholders, including customers, employees, suppliers, partners, shareholders and communities. Together, we are leading the way to a sustainable future.”

Mr Vivek Vikram Singh, MD & Group CEO said, “Sona Comstar is a purpose-led organization aiming to play an important role in accelerating the transition to greener and safer mobility. We are positively impacting society through our innovative products and technologies, enabling low-carbon mobility, eliminating vehicular emissions, improving safety, enhancing automation and contributing to a more sustainable planet. We place the utmost importance on the well-being of our people and are creating a work environment where our people can develop and achieve their full potential. As an organization, we promote technology, innovation, entrepreneurship and diversity, and I am particularly proud of our collaborations with IIT Delhi, IIM Ahmedabad and Ashoka University. With our talented people, leading technologies and the support of our stakeholders, I am confident that we will be a leading contributor to sustainable development.”

As a technology leader, Sona Comstar made the most significant impact by enabling a reduction in GHG emissions through low-carbon mobility, resource efficiency and promoting social progress. They already have increased their revenue share from Battery Electric Vehicles (BEVs) from 1.3% in FY19 to 25% in FY22. In absolute terms, it has grown 28 times to INR 5.0bn.