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
Time of India
44 minutes ago
- Time of India
'Historic' FTA with Britain shows world's trust in India: PM Modi
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Prime Minister Narendra Modi on Saturday described the recently concluded FTA between India and UK as 'historic,' and said the trade pact showed the world's trust in the regards Operation Sindoor , he said weapons manufactured under the 'Make in India' initiative played a great role during the cross-border military offensive in destroying enemy targets and made enemies lose PM inaugurated, laid foundation stones and dedicated projects worth Rs 4,900 crore here and underscored the NDA government's commitment towards Tamil Nadu's his address after inaugurating the projects, Modi said he was blessed to directly land in Tamil Nadu after completing his foreign tour during which the India-UK Free Trade Agreement was signed before his visit to the trade pact with Britain was 'historic.'"India and Britain signed a FTA. This shows the growing trust of the world and our self-confidence. We will make Viksit (developed) Bharat and Viksit Tamil Nadu with this self-confidence," Modi said."FTA with Britain adds pace to our vision of Viksit Bharat , Viksit TN," the PM, clad in a traditional veshti (dhoti), shirt and an 'angavastram' worn around the neck, said. He landed here directly after wrapping up his official tour of the Maldives."After the FTA, there will be no tax on 99 per cent of Indian products being sold in Britain. If Indian products are cheap, the demand will grow there and this will lead to more production opportunities in India. Due to this FTA, TN youth, small businesses, MSMES, startups will get big benefits," he a developed India and Tamil Nadu, he said, "infrastructure and energy are the backbone of any state's development; our focus on infrastructure and energy in last 11 years shows our commitment to TN's growth."The NDA government has constructed Atal Sethu, Sonmarg Tunnel, Bogibeel bridge in different parts of the country and these created thousands of job regards the railways, he said it is the lifeline of industrial projects he inaugurated on Saturday are related to airport, highways, railways, port and power in Tamil Nadu and he said that inaugurated projects include a new state-of-the-art Tuticorin airport terminal building, developed at an estimated cost of around Rs 450 regards railway projects, it includes the electrification of the 90 km Madurai-Bodinayakkanur line, commissioned at a cost of Rs 99 Crore and the Rs 650 crore worth doubling of the 21 km Nagercoil Town-Kanniyakumari PM dedicated to the nation, two strategically significant highway projects-- 4-laning of 50 km Sethiyathope-Cholapuram stretch of NH-36, developed at a cost Rs 2,350 crore and 6-laning of the 5.16 km NH-138 Tuticorin Port Road, built at around Rs 200 inaugurated the North Cargo Berth-III with a cargo handling capacity of 6.96 MMTPA at V O Chidambaranar Port established at a cost of Rs 285 the occasion, he invoked legendary freedom fighters from the region--VO Chidambaram Pillai, king Veerapandia Kattabomman and chieftain Veeran Azhagu Nadu Governor RN Ravi participated in the event. State Finance Minister Thangam Thenarasu presented a memento, a replica of the iconic Valluvar Kottam in Chennai, to the prime minister on the Civil Aviation Minister K Rammohan Naidu, Union Minister of State L Murugan, TN Social Welfare Minister P Geetha Jeevan, Lok Sabha MP Kanimozhi and top officials took part.
Time of India
an hour ago
- Time of India
'Weapons made in India unsettle terrorism's masters': PM Modi hails indigenous arms in Operation Sindoor; pushes for manufacturing and economic growth
PM Modi NEW DELHI: Prime Minister Narendra Modi on Saturday highlighted the key role of indigenous "Made-in-India" weapons in Operation Sindoor , stating that they continue to unsettle those who support terrorism. Speaking at a public event in Tamil Nadu's Thoothukudi, he also launched a range of development projects aimed at boosting infrastructure and economic growth in the region. "Today, the Government of India is strongly emphasising Make in India and Mission Manufacturing. You all recently witnessed the power of Make in India during Operation Sindoor. The weapons made in India played a major role in reducing terrorist hideouts to rubble. Weapons made in India are still keeping the masters of terrorism awake at night," the Prime Minister said. PM Modi also spoke about the Free Trade Agreement (FTA) recently signed between India and the United Kingdom, calling it a major step toward making India the world's third-largest economy. "Today, we are here advancing the vision of a developed Tamil Nadu and a developed India through our efforts. A Free Trade Agreement has been made between Britain and India, which also accelerates this vision. This agreement will also give new strength to India's economy; it will further speed up our pace to become the world's third-largest economy," he said. He added that the agreement would open new markets for Indian goods by eliminating tariffs and increasing competitiveness. "After this FTA agreement, 99% of Indian products sold in Britain will be tax-free. When Indian goods are cheaper in Britain, their demand will increase... The India-Britain FTA will benefit Tamil Nadu's youth, our small industries, MSMEs, and start-ups the most," PM Modi said. During the visit, the Prime Minister inaugurated the new terminal at Thoothukudi Airport, built at a cost of Rs 450 crore. The upgraded facility increases the airport's capacity from 3 lakh to over 20 lakh passengers annually. "...Today, the inauguration of the new advanced terminal at Thoothukudi Airport is another big step in this direction. This terminal, built at a cost of Rs 450 crore, will now be able to host more than 20 lakh passengers annually, whereas earlier, the annual capacity was only 3 lakh passengers," he said. He also dedicated two major road projects worth around Rs 2,500 crore to improve connectivity between Thoothukudi and Chennai. These projects are expected to strengthen port connectivity, ease travel, and create more job opportunities. "Today, we have also dedicated two major road projects to the people of Tamil Nadu. These roads, built at a cost of approximately Rs 2,500 crore, will connect two major development areas to Chennai... The connectivity of Thoothukudi port has also significantly improved. This will enhance the ease of living in this entire region and open new avenues for trade and employment," the Prime Minister said. In all, PM Modi inaugurated and laid the foundation stone for various development projects worth Rs 4,900 crore, including port infrastructure upgrades, airport expansion, highway construction, rail electrification, and clean energy initiatives.
News18
an hour ago
- News18
LTTS bags USD 60 million order from US telecom firm
Agency: PTI Last Updated: New Delhi, Jul 26 (PTI) IT company L&T Technology Services on Saturday said it has bagged a multi-year contract worth USD 60 million (about Rs 510 crore) from a prominent US-based wireless telecommunications services provider. Under the agreement, LTTS will deliver advanced network software development and application engineering solutions. 'L&T Technology Services wins around USD 60 million software engineering engagement from US Tier-I Telecom Provider," LTTS said in a statement. LTTS will establish a delivery centre in the United States to further support and enhance project delivery. Under the terms of the agreement, LTTS will provide crucial engineering services, including research and development lab integration, new product development, and functionality testing for the customer's network software automation platforms. PTI PRS BAL BAL Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
