ASSYSTEM and AXISCADES announced at Aero India 2015, the signature of a memorandum of understanding to create a strategic alliance to deliver enhanced value to Airbus Group.

The collaboration provides Airbus group with a significant value addition for its projects in engineering services by two established E2S preferred suppliers.

Sudhakar Gande, group vice chairman said, ''This relationship will strengthen our engineering service offerings to global clients like Airbus. This relationship will create a win-win solution for all and is in line with our goal of accelerated value creation. This strategic partnership is in line with our Global OEM outsourcing strategy.''

Shares of the company gained Rs 20, or 10.4%, to settle at Rs 212.40. The total volume of shares traded was 315,918 at the BSE (Wednesday).