Auto expansion: Sona Comstar forms $20 million joint venture with Jinnaite to enter China; move aims to tap booming EV market
Auto parts maker Sona BLW Precision Forgings Ltd (Sona Comstar) has entered into a joint venture with China-based Jinnaite Machinery Co Ltd (JNT) to make a strategic foray into the Chinese electric vehicle (EV) market.
As per news agency PTI, the combined investment in the joint venture is pegged at $20 million (around Rs 167 crore), with Sona Comstar contributing $12 million for a 60 per cent stake.
According to a company statement, JNT will bring in $8 million worth of assets and business during the first phase. The JV is scheduled to begin operations in the second half of FY26 to fulfil existing orders from both EV and non-EV customers.
The new entity will manufacture and supply driveline systems and components to automotive OEMs in China and global markets. Sona Comstar, already the largest supplier of differential assemblies for battery electric vehicles (BEVs) in North America and a leading player in Europe, sees this move as a significant milestone in expanding its Asian footprint.
'The driveline manufacturing operations in China align with the company's strategy to expand its presence in Asian markets, particularly in India, China, Japan, and South Korea,' said Sona Comstar, adding that it also plans to strengthen its market position in North America and Europe.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around
Blinkist: Warren Buffett's Reading List
Undo
Highlighting the importance of the move, the company cited China's dominance in the EV space.
In 2024, China accounted for 11 million EV sales, two-thirds of global EV sales, with domestic OEMs contributing 76 per cent of this volume.
'This joint venture marks a significant step in our strategy to expand into the rapidly growing Asian markets,' said Sona Comstar MD and Group CEO Vivek Vikram Singh. 'As the largest electric vehicle market in the world and a leader in EV technologies, China offers tremendous opportunities for innovation and growth.'
Singh added that with a strong order book already in place, the JV is 'well-positioned for strong growth' and is expected to commence operations later this year.
JNT, which runs a world-class foundry using patented casting technology, also contributes to national standard-setting in China.
According to the company, the JV leverages Sona Comstar's strengths in driveline design, forging and machining, and JNT's casting expertise, supplier network, and regulatory knowledge, providing a strong base for future growth.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
19 minutes ago
- Deccan Herald
Milky Mist Dairy Food files draft papers with Sebi; seeks to raise Rs 2,035 crore via IPO
The IPO comprises a fresh issue of equity shares worth Rs 1,785 crore and an offer for sale (OFS) of shares valued at Rs 250 crore by promoters, according to the draft red herring prospectus (DRHP).
Indian Express
19 minutes ago
- Indian Express
CoinDCX offers 25% bounty to recover stolen crypto in $44-mn hack
CoinDCX, one of India's leading cryptocurrency exchanges, has announced a recovery bounty program after suffering a security breach that led to the loss of approximately $44 million (around Rs 379 crore). The company is offering up to 25 per cent of the recovered funds as a reward to those who help retrieve the stolen crypto and assist in identifying and bringing the attackers to justice. If all lost assets are recovered, the bounty could reach a total value of $11 million (Rs 94.6 crore). In a statement, CoinDCX emphasised that the effort goes beyond just recovering funds — it's about uniting the Web3 community to stand against cybercrime. 'This is not just about us. This is about standing up for what's right, for the safety, transparency, and future of the entire Web3 ecosystem. It's a war against cybercrime,' the company said. Co-founder Neeraj Khandelwal highlighted that the breach was not only an attack on CoinDCX but on trust itself. 'When one of us is targeted, all of us are affected. CoinDCX is committed to using this incident as a turning point—to strengthen our defenses, reinforce transparency, and work with the best minds in the industry to make recovery real and replicable,' he said. He added that the company is actively working with an exchange partner to block and recover the stolen assets and is fully committed to the recovery effort. 'We will emerge from this stronger, together,' Khandelwal said. The company also issued a call to action, inviting ethical hackers, white-hat researchers, and partners across the ecosystem to join the fight against cybercrime.
The Hindu
19 minutes ago
- The Hindu
UltraTech Cement Q1 net profit rises 49% to ₹2,226 crore
UltraTech Cement Ltd., an Aditya Birla Group company, reported 49% growth in consolidated net profit to ₹2,226 crore for the first quarter ended June 30, 2025 as compared with ₹1,495 crore a year ago. Consolidated net sales stood at ₹21,040 crore as compared with ₹18,626 crore a year ago, up 13%. The company's consolidated sales volumes reached 36.83 million metric tonnes for the quarter, growing 9.7% with the acquisitions of The India Cements Ltd and the cement business of Kesoram Industries Ltd. Energy costs were lower by 12% Year on Year, mainly on account of reduced fuel prices. Raw material costs marginally rose by 2%, the company said in a filing. India Cements, which was acquired by UltraTech last year has successfully turned around. 'Comprehensive efforts on multiple fronts have enabled India Cements generate an EBIDTA of Rs. 92 crore, compared to loss of ₹9 crore last year,' UltraTech Cement said. Through debottlenecking, an additional capacity of 0.3 mtpa has been released from the India Cements assets in the lucrative northern region, it added. UltraTech's expansion program is progressing as scheduled, with the company continuously enhancing its production capabilities to meet the growing demand for cement, it further said.
