Auto component manufacturer, Sona Koyo Steering Systems Ltd, has joined hands with four domestic and international companies for producing car parts and will set up four manufacturing units for the purpose.
"We have formed four new joint ventures with four different companies. Thus, four new manufacturing plants will be set up in north India," Sona Koyo Steering Systems Ltd Vice Chairman Sanjay Kapur told reporters on the sidelines of ACMA annual conference here in the capital.
The four firms Sona Koyo has entered into joint ventures (JVs) with JTEK, FUJI, Americam Axel, Arjun Stampings. It has already started setting up manufacturing plants under these JVs and has so far invested Rs 300 crore for the facilities, Kapur said.
The company already has four plants in the country. It had a revenue of Rs 730 crore in the last financial year and incurred loss of Rs 30 crore.
However, it is expects to book profit this fiscal. The company will set up a facility in Sanand, Gujarat where the mother plant for Rs one lakh car Nano is coming up, to supply steerings and other components to the Tata's small car early next year.
"We will follow TATA's to Sanand, Gujarat early next year," Kapur said.
The company expects to acheive 5-8 per cent sales growth in this fiscal, he added.
