Mumbai, July 21 -- 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 Comstar's 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 ...