Sharda Motor Industries Ltd

Sharda Motor Industries Ltd

Sharda Motor Industries Limited was incorporated on January 29 1986 under the Companies Act 1956 with the Registrar of Companies NCT Delhi & Haryana and received the Certificate of Commencement of Business on January 31 1986. The Company's production range includes Exhaust Systems Catalytic Converters Suspension Systems Sheet Metal Components and Plastic parts for Automotive. Apart from these the Company serves as a `Tier I' vendor for some of major Automobiles and Electronics Original Equipment Manufacturers (OEMs). It has got a `State of Art' manufacturing facilities across 7 locations in 5 states of India. The Company is presently engaged in manufacturing and assembly of Auto Components.During the year 2018-19 NDR Auto Components Limited (NACL) was incorporated as Wholly Owned Subsidiary of the Company as Special Purpose Vehicle (SPV) wherein the entire Automobile Seating Business of the Company was demerged as separate entity post the sanction/ approval of Scheme of Arrangement through Demerger by the requisite Authorities.The Scheme of Arrangement between Sharda Motor Industries Limited (SMIL) and NDR Auto Components Limited (NACL) and their respective Shareholders and Creditors with effect from December 31 2018 to demerge the Seating Business Undertakings of the Company was approved by the Securities & Exchange Board of India (SEBI) and thereafter the Equity Shares of NACL was listed for Trading at the BSE Limited & National Stock Exchange of India Limited on July 30 2020.During the year 2021-22 the Company got into a Joint Venture (JV) Agreement with Kinetic Green Energy & Power Solutions Limited on June 23 2021 in the ratio of 74:26 i.e. (SMIL: 74 & Kinetic: 26) for Business of manufacturing Battery Packs along with BMS /related systems or other alternative fuel systems for Electric Vehicles or other applications such as stationary applications or any other alternative fuel technology products such as hydrogen fuel-based systems other components related to electric/hybrid vehicles. Resulting to this from November 22 2021 both the Joint Venture partners have invested in their Joint Venture ratio Udippt Mobility Private Limited to undertake the Business Activities and Udippt Mobility Private Limited became Subsidiary of the Company as on November 22 2021.