New Delhi, July 20 -- Auto components maker Sona BLW Precision Forgings (Sona Comstar) has signed a binding term sheet with Jinnaite Machinery Co (JNT) to establish a joint venture company in China.

The JV will manufacture and supply driveline systems and components to automotive manufacturers in China and globally, Sona Comstar informed stock exchanges in a filing on Sunday.

Sona Comstar will invest USD 12 million, while JNT will contribute USD 8 million in assets and business to the joint venture in the first phase.

The JV is expected to commence operations in the second half of the current financial year, marking a significant milestone in Sona Comstar's expansion into the Chinese electric vehicle market.

"Sona Comstar, a leading g...