NEW DELHI: Auto component maker Sona Group is targeting to double its revenues to Rs 10x billion in a year by entering into related sectors like railroads, defense, aerospace, etc., in 10 sectors.

“As a group, we need to double our annual sales by 2020 and that is our target,” said Sunjay Kapur, Chairman, Sona Koyo Steering Systems.

Currently, the Sona Group is valued at around Rs 4,500-5,000 crore. Sona Koyo Steering Systems is the flagship company of the Sona Group listed on the stock exchanges. Sona BLW Precision Forgings, a private company, is a joint venture between Sonaa Holding and Mitsubishi Materials Corporation, Japan.

“For the private sector, we have ambitious growth plans. Under review-rail and defense forging projects. These companies are of different sizes, but there are many opportunities. We are definitely there,” Kapoor added.

Kapur told Sona, BLW I get a lot of inquiries from the aerospace sector because the company has a lot of business in gear forging. Given the interest and available skills, Sona will explore this area.

In addition, Sona Group plans to continue to expand its core automotive business by introducing new products to meet market demand. The development of engine technology in the domestic market continues.

Currently, 60% of the group’s sales come from overseas. In the medium term, we plan to increase investment and expand our domestic production facilities. Kaur said, “From a manufacturing point of view, India will produce more than Europe. I cannot say where the supply will be. From a manufacturing perspective, we will invest primarily in India,” said Kaur.

Sona is buying land in Gujarat to cater to automakers flying directly to the state. Sona Koyo has secured Rs 600-800 crore capital expenditure for expanding its operations in the next financial year.