A SLEW of new models by Japanese car makers, such as Honda, Suzuki, Nissan and Toyota, is triggering off action on the components front as well. The latest to join the bandwagon is Japanese component major JTEKT Corp (a company formed by the merger of Koyo Seiko and Toyoda Machine Works). The company already has a joint venture with Surinder Kapur-promoted Sona Group, called Sona Koyo Steering Systems. In a bid to expand its presence, the Sona Group will float a new joint venture with JTEKT that would focus on manufacturing advanced electronic power steerings. These steerings would be made keeping in mind the new models to be introduced by Japanese automotive majors. According to components industry sources, both JV partners will hold 50% stake in the company. The partners would make an initial investment of Rs 120 crore. The company is likely to set up its plant in the Bawal area of Haryana and start commercial production by early 2009. Sona Group officials were not available for comment. Industry sources believe the company is looking at a turnover of Rs 300-400 crore by the third year of commercial production. The JV will cater to both the domestic industry as well as the global market. Japanese component companies are aggressively looking at a bigger share of the Indian market. Most of these companies initially entered the country as technical partners and had licensing agreements with local companies. Auto analysts believe that with India becoming one of the fastest growing auto markets and growth figures slumping in developed countries, most component companies are making a beeline for the country. JTEKT Corp has a consolidated sales turnover of 1,025,297 million yen. The company manufacturers steerings and driveline components, bearings and machine tools. Sona Group’s aggregate turnover currently exceeds $140 million with exports of $20 million. The group manufacturers a range of products, which includes steering and driveline components for the automotive OEM segments, including passenger cars, utility vehicles, commercial vehicles and speciality vehicles. STEERING PARTNERSHIP JTEKT already has a JV with Sona Group, Sona Koyo Steering Systems Sona Group to float new JV with JTEKT to make electronic power steerings Both JV partners will hold 50%. Partners to make initial investment of Rs 120 cr Plant may come up in Bawal area of Haryana and is likely to start commercial production by early 2009