Sona Group acquires Mitsubishi Materials' stake in JV firm
Auto components maker Sona Group has acquired entire stake of its Japanese partner Mitsubishi Materials in JV firm Sona BLW Precision Forgings, for an undisclosed amount.
The acquisition of Mitsubishi Materials Corporation's 25 per cent stake will make Sona Group emerging with the 100 per cent ownership of Sona BLW Precision Forgings.
"Sona BLW Precision Forgings can now delve deeper into R&D and make significant commitments and investments into the future of the global precision forgings business," Sona Group CEO Sunjay J Kapur told reporters here.
Sona BLW, which was previously known as Sona Okegawa, was formed in 1995 with Sona Group holding 75 per cent stake and Mitsubishi holding the rest 25 per cent.
Sona BLW currently has seven plants spread over India, Germany and Hungary and employs over 2,300 people worldwide.
It supplies components to various OEMs (original equipment manufacturers) like Daimler, Volkswagen, Renault, BMW, among others. Its Indian arm supplies to OEMs like Maruti Suzuki India and Mahindra group.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)