Company has entered into the joint challenge (JV) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for commercial enterprise development of BS VI norms in business car segment in India also.

Shares of Sharda Motor Industries surged almost 10 percentage intraday Tuesday after enterprise board agreed to the proposed demerger of the car seating commercial enterprise.

The enterprise board in its assembly held on February 25, in principally agreed to the proposed demerger of the automobile seating enterprise.

The corporation has delegated the powers to Ajay Relan (Managing Director), Vivek Bhatia (Chief Financial Officer) and Nitin Vishnoi (Company Secretary) Key Managerial Personnel(s) of the organization for taking needful moves for the identical, in due course of time.

Company has entered into the joint undertaking (JV) agreement with Eberspaecher Exhaust Technology International GmbH (EET) for enterprise improvement of BS VI norms in business vehicle section in India also.

This Joint Venture is predicted to carry advantages to each the JV Partners i.E. SMIL & EET.

Also, board authorized Ajay Relan, Managing Director, of the organisation to negotiate and sign the joint project settlement with Eberspacher Exhaust Technology International GMBH J.V Partner.

Board additionally took note of the memorandum of family settlement amongst promoters/ promoters group of the business enterprise (MOFS).

It may additionally please be noted that the vital disclosures in appreciate of each of the above events, shall be given to the Stock Exchange(s) as and when the applicable activities show up, enterprise stated in launch.

At 12:13 hrs Sharda Motor Industries was quoting at Rs 1,521.00, up Rs 118.15, or eight.Forty two percentage at the BSE.