Sona Koyo Steering Systems Ltd has informed that the Board of Directors of the Company at its meeting held on October 27, 2007, has accorded their approval to executive a Joint Venture Agreement with AAM international Holdings, Inc., USA to set up a Joint Venture Company, in India, to begin with, to manufacture and supply of 3/4 ton capacity banjo rear beam axles and 1 ton capacity banjo rear beam axles to Tata Motors Ltd.The capital contribution ratio between AAM International Holdings, Inc., USA (AAM) and Sona Koyo Steering Systems Ltd (SONA) shall be as follows:- Name of the Shareholders : AAM Percentage(%)to the total Capital : 70%- Name of the Shareholders : SONA Percentage(%)to the total Capital : 30%.
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