Sona Koyo Steering Systems (SKSSL) has got the approval for availability for the name ‘JTEKT India’ by Ministry of Corporate Affairs (MCA). The Board of Directors through a circular resolution on February 13, 2018 had recommended a special resolution to be passed by way of postal ballot to approve the change in the name of the company.
The new name will be effective after the approval from the shareholders through the draft postal ballot notice. Last year, Sona Autocomp Holdings, had entered into an agreement to with its longstanding technical and financial collaboratorJTEKT Corporation to sold its entire stake 25.12 percent in Sona Koyo Steering Systems (SKSSL) for Rs 419 crore. The deal valued SKSSL at an enterprise value of Rs 1,922 crore.
SKSSL, which manufactures steering systems for passenger cars and utility vehicles, supplies steering assemblies to Maruti Suzuki, Toyota, Tata Motors, Mahindra & Mahindra, Honda, Renault Nissan and Ford. Sunjay J Kapur and Sona Group nominee directors, Rani Kapur and Kiran Deshmukh had stepped down from the board of SKSSL.
This was the first strategic transaction announced by the Sona Group after Sunjay J Kapur took over the reins of the Rs 5,000 crore Sona Group after the demise of its founder Dr Surinder Kapur in 2015.