Sona BLW gains as it enters China through JV with Jinnaite Machinery
The two firms signed a binding term sheet to set up a joint venture (JV) that will manufacture and supply driveline systems and components for automotive OEMs in China and across global markets. Sona Comstar will invest $12 million and hold a 60% stake, while JNT will contribute $8 million in assets and business in the first phase.
Operations are expected to kick off in the second half of the current financial year, targeting both EV and internal combustion engine customers.
The move is part of Sona Comstars broader strategy to deepen its footprint in fast-growing Asian markets. China, which sold 11 million EVs in 2024, now accounts for two-thirds of global EV sales. Chinese OEMs dominate the space, capturing 76% of global EV market share, and boosting their exports from 1 million units in 2020 to over 6 million in 2024.
JNT runs a foundry with patented technologies, boasting 63 patents and 36 proprietary innovations, making it a key player in precision casting and mold-making. It has a strong customer base in the automotive, off-highway, and railway sectors. It supplies to the leading Chinese automotive OEMs, as well as North American, European, and Japanese OEMs.
Vivek Vikram Singh, MD & Group CEO of Sona Comstar, said: "I am excited to partner with JNT to establish a driveline manufacturing plant in China. This joint venture marks a significant step in our strategy to expand into the rapidly growing Asian markets. 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."
Gurugram-based Sona BLW Precision Forgings primarily designs, manufactures, and supplies highly engineered, mission-critical automotive systems and components to automotive OEMs. It is a leading supplier to the fast-growing global Electric Vehicle (EV) market. Sona Comstar is the leading supplier of safety systems for railways in India.
The company had reported 10.38% rise in consolidated net profit to Rs 164.12 crore on a 2.19% fall in revenue to Rs 864.75 crore in Q1 FY26 as compared with Q1 FY25.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
2 minutes ago
- India.com
India's Pharma Exports Have Shot Up By 92% In Last 6 Years: Minister
New Delhi: Various schemes being implemented by the Centre to realise the vision of Aatmanirbhar Bharat in the pharmaceutical sector have resulted in India's exports of drugs and pharmaceuticals increasing by 92 per cent, from Rs 1,28,028 crore in FY2018-19 to Rs 2,45,962 crore in FY2024-25, the Parliament was informed on Friday. The schemes include the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP) scheme, the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, the PLI Scheme for Bulk Drugs, Scheme for Promotion of Bulk Drug Parks, and Strengthening of Pharmaceutical Industry scheme, Minister of State for Chemicals and Fertilisers Anupriya Patel told the Lok Sabha in a written reply to a question. The PRIP scheme has been launched with an outlay of Rs 5,000 crore to transform India's Pharma MedTech sector from cost- to innovation-based growth by strengthening research and promoting industry-academia linkage for research and development in priority areas in drug discovery and development and medical devices. Under this scheme, seven Centres of Excellence (CoEs) have been set up, she said. The PLI Scheme for Pharmaceuticals aims to enhance India's manufacturing capabilities by increasing investment and production in the sector and contributing to product diversification to high-value goods in the pharmaceutical sector. The minister said that the scheme has enabled enhanced investment and production in eligible products. As of March 2025, the committed investment of Rs 17,275 crore targeted over the six-year period of the scheme stands substantially exceeded with a cumulative investment of Rs 37,306 crore made by the scheme's third year, and cumulative sales of approved products of Rs 2,66,528 crore have been made, including exports of Rs 1,70,807 crore. The PLI Scheme for Bulk Drugs, which has a total budgetary outlay of Rs 6,940 crore, aims to avoid disruption in the supply of critical active pharmaceutical ingredients (APIs) used to make critical drugs for which there are no alternatives by reducing supply disruption risk due to excessive dependence on a single source. As of March 2025, the committed investment of Rs 3,938.5 crore under projects approved under the scheme for investment over the six-year production period of the scheme stands substantially exceeded with a cumulative investment of Rs 4,570 crore made by the scheme's third year, she further stated. The minister also highlighted that the government launched the Pradhan Mantri Bhartiya Janaushadhi Pariyojana scheme to make quality generic medicines available at affordable prices to all. Under the scheme, dedicated outlets known as Jan Aushadhi Kendras (JAKs) are opened across the country to provide medicines at prices that are about 50 per cent to 80 per cent lower than those of leading branded medicines in the market. Till June 6, 2025, a total of 16,912 JAKs have been opened, and on average, about 10 to 12 lakh persons visit these Kendras daily and avail of quality medicines at affordable prices. As many as 2,110 medicines and 315 surgicals, medical consumables and devices are under the scheme product basket, covering all major therapeutic groups, such as cardiovascular, anti-cancer, anti-diabetic, anti-infectives, anti-allergic and gastro-intestinal medicines and nutraceuticals. As a result of the scheme, in the last 11 years, estimated savings of about Rs 38,000 crore have accrued to citizens in comparison to the prices of branded medicines. Further, the scheme has provided self-employment to over 16,000 persons, including over 6,800 women entrepreneurs, the minister added.
Time of India
2 minutes ago
- Time of India
Microsoft probing if Chinese hackers learned SharePoint flaws through alert: Report
Synopsis A security patch Microsoft released this month failed to fully fix a critical flaw in the U.S. tech giant's SharePoint server software, opening the door to a sweeping global cyber espionage effort. In a blog post on Tuesday, Microsoft said two allegedly Chinese hacking groups, dubbed "Linen Typhoon" and "Violet Typhoon," were exploiting the weaknesses, along with a third, also based in China.
Time of India
2 minutes ago
- Time of India
Tesla beats Chinese rivals in some driving assisted tests, say China state media, Bytedance
Billionaire Elon Musk 's Tesla outperformed Chinese rivals including BYD , Xiaomi and Huawei in a test of assisted driving technologies on China's highways, according to results published by TikTok owner Bytedance's auto unit Dcar. State television CCTV and Dcar jointly tested the level 2 advanced driving assistance systems ( ADAS ) from more than 20 electric vehicle brands in China and rated their performance in a series of scenarios with higher risks of accidents on highways and urban traffics. The test videos posted by Dcar went viral on Chinese social media. Tesla scored the best in the highway test among 36 models, with its Model 3 and Model X passing five out of six scenarios, while BYD's Denza Z9GT and Huawei-backed Aito M9 failed in three scenarios. Xiaomi's SU7 passed in one of six. In a Weibo post on Friday, HIMA, the Huawei-led auto alliance, said it declined to comment on the "so-called test." BYD and Xiaomi didn't immediately respond to requests for comment. "Due to laws against data export, Tesla achieved the top results in China despite having no local training data," Tesla CEO Elon Musk said on his X account on Friday. Tesla has been caught in what Musk described as a "quandary", as the U.S. doesn't allow its AI software to be trained in China, while the automaker has been seeking approval from Chinese regulators to transfer data saved locally in Shanghai back to the United States for algorithm training. Domestic brands should face up to the gap with Tesla in autonomous driving , Wang Yao, deputy chief engineer of the China Association of Automobile Manufacturers, told an auto forum in Shanghai earlier this month. Xiaomi CEO Lei Jun, in remarks after a Tesla Model Y delivered itself from an Austin, Texas factory to its owner in the area roughly 30 minutes away, said "we will continue to learn" from Tesla which has led industry trends. The test came amid growing safety concerns in China about the ADAS after a highway accident involving a Xiaomi SU7 killed three people in March. State media have blamed misleading promotions for resulting drivers' improper uses of the technologies and the authorities have banned the uses of terms such as "smart driving" and "autonomous driving" for marketing driving assistance features. The public security ministry said this week that the country will set out legal responsibilities related to the technology that has yet achieved true autonomous driving. Drivers face safety and legal risks if they are distracted in accidents when assisted driving is turned on, the ministry warned. Xiaomi had seen a slump in new EV orders as a consumer backlash began in April following the fatal trash, but the impact seems short-lived, with its new electric SUV receiving exceptionally strong initially orders after it went on sale last month. Tesla's sales of its China-made electric vehicles edged up 0.8 per cent in June from a year earlier, snapping an eight-month losing streak, but they continued to fall on a quarterly basis in the face of lower-cost new models from its Chinese rivals. Tesla's assisted driving suite is available in China for nearly $9,000, while the technology from its local rivals including Xiaomi and BYD is without extra cost, pressuring the U.S. automaker's self-driving future. Tesla's technology approach relies solely on cameras as sensors and artificial intelligence while most Chinese peers including BYD use lidar (light detection and range sensors) additionally to ensure performance.
