Sona Comstar shares in focus after China EV JV worth $20 million
Sona BLW Precision Forgings
(
Sona Comstar
) are likely to be in focus on Monday after the company signed a binding term sheet with China-based
Jinnaite Machinery Co
(JNT) to establish a joint venture (JV) for manufacturing driveline systems and components for electric vehicles.
The JV will serve automotive manufacturers in China as well as global markets. Sona Comstar will invest $12 million, while JNT will contribute $8 million worth of assets and business in the first phase. Operations are expected to commence in the second half of the current financial year.
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In a stock exchange filing on Sunday, the company said the partnership marks a strategic step toward expanding its presence in key Asian markets, including China, India, Japan, and South Korea, while also aiming to grow in North America and Europe.
'China is the world's largest EV market, and it's only natural for any global EV supplier to participate in its supply chain,' Sona Comstar said.
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JNT, which operates a patented technology-based foundry, holds 63 patents and 36 proprietary technologies. It also plays a role in shaping Chinese national standards, having contributed to five such standards. Its customer base includes leading automotive OEMs from China, North America, Europe, and Japan.
The JV will cater to both EV and non-EV automotive clients, with a strong order pipeline already in place.
Vivek Vikram Singh, MD 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 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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