Auto components maker Uno Minda Ltd on Monday (February 17) said it has signed a joint venture agreement with Suzhou Inovance Automotive Co Ltd and its wholly-owned subsidiary, Inovance Automotive (HK) Investment Co Ltd, for the development and manufacturing of high-voltage EV powertrain products for passenger and commercial vehicles.

As part of the agreement, Inovance Automotive (HK) Investment Co will acquire a 30% equity stake in Uno Minda Auto Innovations Private, currently a wholly-owned subsidiary of Uno Minda. Following this transaction, the company will be converted into a joint venture, with Uno Minda retaining a 70% stake. The JV will focus on producing key EV powertrain components, including combined charging units, E-axles, inverters, and motors.

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The joint venture will operate within India, with products distributed under the Uno Minda and Inovance Automotive trademarks. The board structure will include eight directors, with Uno Minda appointing five members, including the chairman, and Inovance Automotive appointing three. The agreement incorporates governance controls, including board representation rights, restrictions on share transfers, and specific clauses on capital structure changes.

This JV marks an extension of Uno Minda’s partnership with Inovance Automotive, following a technical licence agreement signed in June 2024. The partnership is aimed at leveraging Inovance Automotive’s expertise in EV powertrain technology to strengthen Uno Minda’s position in the electric vehicle component segment.

Shares of Uno Minda Ltd ended at ₹898.85, down by ₹7.15, or 0.79%, on the BSE.

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