CNBC-TV18 reported that India's CNG market is catching the eye of the world and Japanese giants are keen on a share of the pie.

CNBC TV-18 learned that both JFE Steel and Japanese trading giant Marubeni Corporation are the interested parties eyeing a stake in Indian auto component major JP Minda Group for CNG foray.

CNBC-TV18 learned that both companies are in advanced talks to obtain 20% stake each in JP Minda Group's subsidiary. Financial diligence is completed on the deal and final structuring details are being worked out.

Sources said that JFE Steel is likely to provide auto grade steel. Marubeni Corporation will use its global network for sales, which will be targeted to Japanese auto companies in India like Honda and Toyota.

All three companies are yet to give their comments on the issue.

(Sourced from CNBC-TV18)