Shares of Minda Corporation Limited rallied more than 4% in early trade after the company announced a strategic joint venture to develop advanced electric vehicle powertrain technologies in India.
The company informed exchanges that its wholly owned subsidiary Spark Minda Green Mobility Systems Limited has signed a joint venture agreement with UK-based Turntide Drives Limited on March 9, 2026.
The partnership will focus on developing and manufacturing advanced motor controllers, axial flux motors, and thermal pumps designed for electric vehicles.
Under the agreement, a new joint venture company will be incorporated in India. The shareholding structure will be split with 49% held by Spark Minda Green Mobility Systems and 51% by Turntide Drives.
The board of the joint venture will consist of five directors, including two nominated by Spark Minda and three by Turntide. Both companies have also agreed to a lock-in period of three years, during which neither party can transfer their shares from the execution date of the agreement.
As part of the collaboration, Turntide Drives will provide proprietary technologies and technical know-how required for the manufacturing of these advanced EV components in India.
The venture will target India’s rapidly expanding electric vehicle market by developing high- and low-voltage motor controllers, high-performance electric motors, and pumps used for thermal management applications. The initiative aims to address the needs of original equipment manufacturers (OEMs) while delivering cost advantages through local manufacturing.