Sona Koyo, the flagship company of the Sona Group, is one of the largest manufacturers of steering systems for passenger cars and utility vehicle market in India. Mumbai: Indian auto components maker Sona Group has agreed to sell its entire 25.12% equity holding in its flagship Sona Koyo Steering Systems Ltd (SKSSL) to JTEKT Corp. for about Rs419.28 crore, ending its 32-years old relationship with the Japanese partner, it said in a statement on Wednesday. As part of the deal, Sunjay J. Kapur, chairman of Sona Koyo, and Sona Group nominee directors Rani Kapur and Kiran Deshmukh will step down from the board of Sona Koyo, once the deal is closed. Sona Koyo, the flagship company of the Sona Group, is one of the largest manufacturers of steering systems for passenger cars and utility vehicle market in India. JM Financial Institutional Securities Ltd acted as the sole financial adviser and Cyril Amarchand Mangaldas acted as the sole legal adviser to Sona group on this transaction.

Source: Mint February 02, 2017 06:00 UTC