Minda Corporation Limited has informed the Exchange regarding a press release dated March 09, 2026, titled "Press Release".
MINDACORP · price
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Minda Corporation, through its wholly owned subsidiary Spark Minda Green Mobility Systems (SMGM), has signed a joint venture agreement with UK-based Turntide Drives Limited to develop and manufacture advanced EV powertrain components in India, including high and low-voltage motor controllers, axial flux motors, pumps for thermal applications, and customised controllers. A new joint venture company will be incorporated in India, with SMGM holding 49% and Turntide holding 51%. Both parties are locked in for 3 years and the JV board will have 5 directors (2 from SMGM, 3 from Turntide). Turntide will bring its proprietary global technology, while Minda Corp will provide local manufacturing scale and OEM relationships to serve India's fast-growing electric vehicle market.
This is a positive strategic move for Minda Corporation, giving it access to Turntide's advanced global EV technology and strengthening its position in India's expanding electric mobility space. The 49% stake means Minda is the junior partner with less control, but it gains cutting-edge technology and a stronger EV product portfolio without taking on full execution risk.