New Delhi, July 21 -- India's leading auto components maker Sona BLW Precision Forgings (Sona Comstar) has signed a binding term sheet with Jinnaite Machinery Co (JNT) of China to establish a joint venture company in Beijing last week.

The JV will manufacture and supply driveline systems and components to automotive manufacturers in China and globally.

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

This expansion of an Indian company in collaboration w...