Sharda Motor forms JV with Japan's Toyo Seat

Auto component maker Sharda Motor Industries Ltd has entered into an agreement with Japan’s Toyo Seat Co Ltd for forming a joint venture company, Toyo Sharda India Private Limited.
 
The joint venture company is primarily incorporated with object 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, said Sharda Motor in a BSE filing. In addition, Toyo Sharda India will procure and export seat parts from India.
 
“As per said joint venture agreement, the Sharda Motor Industries Ltd has invested Rs 75 lakhs, being the subscription money for 750000 equity shares of Rs 10 each, and an equal amount has also been inducted by Toyo Seat Co Ltd,” said Sharda Motor.
 
The commercial production is expected to start from August/September 2015.
 
Sharda Motor is one of the leading manufacturers of exhaust system, catalytic converter, independent front suspension, seat frames, seat covers (two wheelers & four wheelers), soft top canopies, and pressed part - room air conditioners body etc.