Uno Minda Limited (formerly known as Minda Industries Limited), a key player in the global automotive solutions industry, has announced a strategic joint venture (JV) with Suzhou Inovance Automotive Co. Ltd., a leading Chinese manufacturer of electric vehicle (EV) components. The new JV will focus on the design, development, and manufacturing of high-voltage EV powertrain products in India, specifically targeting four-wheeled passenger and commercial vehicle (4W PV & CV EV) markets.
The JV will be structured with Uno Minda’s wholly-owned subsidiary, Uno Minda Auto Innovations Private Limited, as the base. Inovance Automotive (HK) Investment Co. Ltd., a wholly-owned subsidiary of Suzhou Inovance Automotive, will invest in the JV, acquiring a 30% equity stake in Uno Minda Auto Innovations. This strategic investment, subject to regulatory approvals, will establish Uno Minda Auto Innovations as a joint venture company, with Uno Minda Limited holding a 70% stake.
With this venture, the JV will manufacture essential EV powertrain components like Combined Charging Units, E Axles, Inverters, and Motors for the growing Indian market. The products will cater to both OEMs and the aftermarket sector, reinforcing Uno Minda’s presence in the rapidly expanding EV space.
The partnership was approved by Uno Minda’s Mergers and Acquisitions Committee in a meeting on February 17, 2025, and will see Inovance Automotive bringing its advanced technological expertise from China to the Indian market. This JV underscores Uno Minda’s commitment to shaping the future of mobility in India, as the nation accelerates its transition toward electric vehicles.
Key Highlights of the JV Agreement:
- Parties Involved: Uno Minda Limited, Uno Minda Auto Innovations Pvt. Ltd., Suzhou Inovance Automotive Co. Ltd. (China), and Inovance Automotive (HK) Investment Co. Ltd. (Hong Kong)
- Purpose: To manufacture and market high-voltage EV powertrain products such as Combined Charging Units, E Axles, Inverters, and Motors in India.
- Equity Stake: After the acquisition, Uno Minda will own 70%, and Inovance Automotive (HK) Investment Co. Ltd. will hold a 30% stake in the JV.
- Board Composition: The JV board will consist of 8 directors, with 5 appointed by Uno Minda and 3 by Inovance Automotive.
The JV will have an exclusive focus on the Indian market, utilizing both Uno Minda and Inovance Automotive’s trademarks for the distribution of these EV products. This venture also marks Uno Minda’s ongoing expansion into the high-growth electric vehicle sector, bringing cutting-edge EV powertrain solutions to Indian manufacturers.
