The additional capacity of 0.4 million would be added by January 2026. The investment amount for this purpose would be finalized & approved by board while framing the installation of capacity. The funding for this project would comprise of internal accruals and external borrowings.

"The additional capacity will help the company to cater the demand of fast growing Indian OEMS as well overseas customers," JTEKT India stated in a statement filled with the domestic exchanges.

JTEKT India is a part of JTEKT Corporation Japan and operates as part of JTEKT Group India. It is engaged in the business of manufacturing / production, supply and sale of steering systems, viz. steering gears, columns and RPS assemblies, axle assemblies and other auto ancillaries to almost all Indian passenger car and utility vehicle manufacturers.

The company's consolidated net profit declined 2.70% to Rs 27.02 crore despite a 2.26% rise in sales to Rs 583.88 crore in Q2 FY24 as compared with Q2 FY23.

The scrip shed 0.30% to currently trade at Rs 132.50 on the BSE.