Sona Koyo Steering Systems Ltd has sold its entire stake in Fuji Autotech Europe SAS to the overseas partner Fuji Kiko Europe SAS for €7.75 million ($10.6 million or Rs 65 crore), as per a stock market disclosure. It sold its entire holding of 49,29,636 equity shares.
Sona Koyo had acquired a minority stake in the auto component company, Fuji Autotech France SAS in 2004 for Rs 29.3 crore ($6.15 million).
Fuji Autotech Europe SAS was formed as a joint venture company between Sona Koyo Steering Systems and Fuji Kiko Co Ltd, Japan.
The two also have a separate Indian JV Sona Fuji Kiko Automotive Ltd, where Sona Koyo has a majority stake. This JV is into manufacturing columns to be used for Column Type Electric Power Steering (C-EPS) Systems. Its plant is located at Bawal, Haryana.
Sona Koyo Steering Systems was founded in 1985 and manufactures steering gears and driveline products. It is part of the Sona Group, one of India’s oldest auto parts suppliers.
Japan’s Fuji Kiko was started in 1944 and is into steering columns, seat parts, shifters and power train parts. Fuji Autotech Europe SAS operates as a subsidiary of Fuji Kiko Europe SAS.
It is the top player in European truck OEMs for steering columns and has annual revenues of €31 million employing 160 people at its facility in Sweden.
(Edited by Joby Puthuparampil Johnson)