Uno Minda Limited has announced Board approval for a Detailed Project Report (DPR) for a new four-wheeler electric vehicle (4W-EV) powertrain project. The initiative, valued at approximately Rs. 423 crore, will be executed through a joint venture (JV) with Suzhou Inovance Automotive Co. Ltd. and its subsidiary, Inovance Automotive (HK) Investment Co. Ltd.
The project will focus on developing and manufacturing high-voltage EV powertrain components such as E-axles, inverters, motors, and combined charging units for passenger and commercial vehicles. The production capacity is set at 2,03,043 units annually, with commercial production expected to begin in Q2 FY 2026-27 and full capacity to be achieved within three years.
Uno Minda will initially hold 100% equity in the JV company, Uno Minda Auto Innovations Private Limited, and invest Rs. 114 crore over three years, securing a 70% stake. The remaining 30% will be acquired by Inovance Automotive (HK) Investment Co. Ltd. upon regulatory approvals.
Uno Minda Auto Innovations was incorporated in April 2023 and is engaged in auto component manufacturing, including electrical parts. The entity reported no revenue in FY 2023-24.
The investment will be financed through equity and term loans. The acquisition does not fall under related party transactions, and the JV aligns with Uno Minda’s core automotive business strategy.
This move is part of Uno Minda’s long-term growth strategy in the electric mobility space, focusing on localization and advanced EV technologies.
