Sona BLW Precision Forgings Limited (NSEI:SONACOMS) agreed to acquire 54% stake in Novelic Doo Beograd-zvezdara for ?40.5 million on January 9, 2023. As of May 29, 2023, Sona BLW Precision Forgings Limited (NSEI:SONACOMS) enter into share purchase agreement to acquire 54% stake in Novelic Doo Beograd-zvezdara. Consideration is payable in three tranches within 2 years from the completion of the acquisition. The transaction will be funded primarily from Sona's existing resources. NOVELIC total income for the year ended 2021 is ?6.05 million. The transaction is subject to execution of definitive agreements and subject to closing adjustments. Vojimir Kurtic and Matija Vojnovic of Schoenherr acted as legal advisor to founders of Novelic. Alongside Schoenherr, EY Serbia acted as a financial advisor, and PSA (New Delhi) as an Indian law advisor to the sellers.

Sona BLW Precision Forgings Limited (NSEI:SONACOMS) completed the acquisition of 54% stake in Novelic Doo Beograd-zvezdara on September 4, 2023. Total consideration of ?40.097 million will be paid in cash as a deferred payment mechanism as per the terms of the definitive agreement. As per this 60% of which is payable within 10 business days from the date when the ruling on capital increase becomes non-appealable and remaining 40% in 2 yearly tranches of 20% each, as per the terms of the definitive agreement.