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Our Bureau

New Delhi June 18 JBM Auto on Monday entered into a joint venture with Japanese-based Sumitomo Corporation and Nisshin Steel Corporation to produce auto steel tubes.

As per the joint venture agreement, Sumitomo Corporation and Nisshin Steel would hold 24.5 per cent each with JBM having the majority 51 per cent stake in the estimated Rs 40-crore venture.

"The joint venture would give us access to technology to make auto tubes. We are looking to tap into the domestic and the export markets through this venture," said a senior company official.

He said operations for the manufacturing facility that would be set up in Delhi are likely to start by August. "JBM Auto has initiated discussions to supply these components to some of the car makers in the domestic market," he said.

The company clocked a profit after tax of Rs 7 crore on net sales of Rs 145 crore for the year ended March 31, 2007.

More Stories on : Alliances & Joint Ventures | Automobile Components

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