Sharda Motor Industries has incorporated a Joint Venture Company (JVC) ‘Toyo Sharda India’ along with Toyo Seat Company. The company has taken this step pursuant to a Joint Venture Agreement entered with Toyo Seat Company. The commercial production is expected to start from August/September 2015.
The said JVC is incorporated 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 and to procure and export seat parts from India.
As per the Joint Venture Agreement, Sharda Motor Industries has invested Rs 75 lakh being the subscription money for 750,000 equity shares of Rs 10 each and an equal amount has also been inducted by Toyo Seat Company.
