Along with Toyo Seat Co.
Sharda Motor Industries announced that pursuant to Joint Venture Agreement, the Company had with Toyo Seat Co., a Joint Venture Company has been incorporated with the name of "Toyo Sharda India".The said Joint Venture Company is primarily incorporated with object of following business:-
- To design, develop, evaluate, manufacture and supply four wheeler seat components including devices and high tensile strength frames for automobiles in India for domestic and export purposes;
- To procure and export seat parts from India.
Now as per said Joint Venture Agreement the Sharda Motor Industries, has invested Rs. 75,00,000/- being the subscription money for 750000 equity shares of Rs.10/- each and an equal amount has also been inducted by Toyo Seat Co.
The commercial production is expected to start from August/September 2015.
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