The board of directors of Munjal Auto Industries, which met today, approved a proposal to demerge the Binola unit of the company at Gurgaon, Haryana into a seperate company.According to a release issued by Munjal Auto to the BSE today, the new firm, Shivam Autotech, will be engaged in forging/machining activities for the auto industry."The residual company, i.e. Munjal Auto Industries, will continue to carry on the business of sheet metal components at Waghodia in Vadodara, Gujarat," the release added.A board committee has been empowered to finalise the detailed demerger process, the release said.
