Sona Koyo Steering Systems, auto component major is planning to increase exports, mainly to the US in order to benefit from the rupee depreciation. It is affected by the demand slowdown in the auto industry and the company is utilizing about 70-75% of the total capacity. One of the largest manufacturers of steering systems had earmarked about Rs 80-100 crore of capex, mainly for relocation of its Gurgaon plant to other locations.
Sona Koyo Steering Systems started operations as a supplier of steering systems to Maruti Suzuki India (MSIL), in technical and financial collaboration with JTEKT Corporation (Japan) along with equity participation by MSIL.
