Sona Koyo Enters Into JV with US Firm

Sona Koyo Enters Into JV with US Firm Sona Koyo Steering Systems said it will enter into a joint venture with US-based AAM International Holdings Inc to manufacture and supply automotive equipment to Tata Motors Ltd. The board of directors has approved the execution of the JV agreement for manufacturing automotive parts, the company informed the Bombay Stock Exchange. However, Sona Koyo did not mention the financial details involved in the project. AAM would provide 70 per cent of the capital and Sona Koyo would contribute the remaining 30 per cent. Shares of the company were trading at Rs 50.65, up 2.74 per cent on BSE.