Sona BLW Precision Forgings, also known as Sona Comstar, has entered into a joint venture with Jinnaite Machinery Co (JNT) to manufacture electric vehicle components in China. The auto component maker shared the update through a stock exchange filing on Sunday.
As part of the agreement, Sona Comstar will invest 12 million dollars, while JNT will contribute 8 million dollars worth of assets and business to the joint venture in the initial phase. The new venture will focus on producing and supplying driveline systems and components to automotive manufacturers in China and across global markets
The operations of the joint venture are expected to begin in the second half of the current financial year. This move marks an important step in Sona Comstar’s entry into the Chinese electric vehicle space, which is the largest EV market in the world.
Sona Comstar said, “As a leading global supplier of driveline solutions across automotive segments, the company is expanding its reach into fast-growing Asian markets.” The company’s strategy includes strengthening its presence in India, China, Japan and South Korea, along with enhancing its market position in North America and Europe.
The partnership with JNT is key to Sona Comstar’s long-term vision of being a major global EV component supplier. JNT operates a patented technology-based foundry and has 63 patents and 36 proprietary technologies. The company has played an active role in defining national standards in China and serves a strong customer base across automotive, off-highway and railway sectors, both locally and internationally.
Speaking about the partnership, Vivek Vikram Singh, Managing Director and Group CEO of Sona Comstar, said, “As the largest electric vehicle market in the world and a leader in EV technologies, China offers tremendous opportunities for innovation and growth. By leveraging the strengths of both partners, this venture is well-positioned for strong growth, and it has the potential to become a key supplier of driveline solutions for electric vehicles in the region. With a robust order book already in place, we expect operations to commence later this year.”
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