New Delhi, Feb 7 (IANS): The Japan Automatic Machine (JAM) company, which has been selling its auto components in India, said on Sunday that it is currently in talks to set up a joint venture project in the country.

"We are now looking for a major joint venture project and have already initiated the process of discussions for this purpose," JAM chief executive Masafumi Mizuno told reporters here at the components part of the ongoing Auto Expo.

"We are doing a business of around $150 billion world-wide...the markets are growing at a very rapid speed and logistically it is not possible to support that demand from overseas," he said.

The India production centres would help reduce product prices by at least 20 to 30 percent, he added.

Mizuno said the company, which set up an India office in September last year, has already identified sites for two units, one in Manesar in Haryana and for a second unit to be set up near Bengaluru in Karnataka.

The JAM chief executive, who is also the company president, said it is keenly watching the India's upcoming budget to see whether some of their requirements will be met so as to unplug the firm's investment flow into India.