new delhi auto component major sona group on monday announced the acquisition of german major thyssenkrupps forging business through group company sona okegawa for an undisclosed sum and said it would form the worlds largest precision forgings company in the world sona okegawa a joint venture between surinder kapurs sona group and mitshubishi materials of japan would complete the acquisition by later this month thyssenkrupp is a euro 291 million rs 1740 crore company with 1750 employees and has three plants in germany and one plant in usit is a good synergistic fit for our group and would help us tap new opportunities globally including for other group companies kapur said he said his company where he owns 75 stake will finance the acquisition through a combination of debt and equity the debt will be raised in the overseas markets and will not have any recourse on sona okegawas indian operations kapur said he said the precision forging business of thyssenkrupp group has revenues in access of rs 1740 crore with 24 market share globally with this acquisition sona okegawa will now control the biggest precision forging business in the world he saidinterestingly the forging business of thyssenkrup is nearly 10 times the size of sona okegawa which had revenues close to rs 180 crore without divulging further details kapur insisted that the german company was profitable also the acquisition would give his company a direct access to many global manufacturers and clients of thyssenkrupp including daimlerchrysler volkswagen gm renault bmw and zf lemforder last year the sona group had raised the equity capital of sona okegawa by infusing rs 100 crore the company has two manufacturing units in india one each in gurgaon and pune kapur said sona okegawa was looking at expanding its footprint globally and plans to foray into the chinese and russian markets soon the sona group has joint ventures in various areas of the auto component sphere the group companies include sona koyo steering systems ltd sona somic lemforder components ltd mahindra sona ltd sona mobility ltd sixt and sona edesign ltd also it has manufacturing technical and marketing alliances with international majorskapur said the new acquisition would help market products of some of the other group companies in overseas marketswe will work towards that and would push some of our products to clients of thyssenkrupp he said