Syrma SGS Technology (NSE:SYRMA, BOM:543573), along with its wholly-owned subsidiary, Syrma Strategic Electronics, agreed to set up a joint venture with South Korea's Shinhyup Electronics, according to a Tuesday filing to the Indian stock exchanges.

The joint venture will deal in the manufacturing of multi-layer printed circuit board (PCB) including flexible PCBs and similar other products.

Under the terms of the agreement, the company will initially hold 75% shareholding in the proposed joint venture company, while Shinhyup will hold the remaining 25%.

The company's shares were up over 1% in recent trade.