Minda Corporation Limited has informed the Exchange about Intimation of signing of Joint Venture Agreement by Spark Minda Green Mobility Systems Private Limited, a wholly owned subsidiary (WOS) of Minda Corporation Limited with Turntide Drives Limited, United Kingdom
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Minda Corporation's wholly owned subsidiary, Spark Minda Green Mobility Systems Private Limited (SMGM), has signed a Joint Venture Agreement with UK-based Turntide Drives Limited to form a new JV company in India. The JV will focus on developing and manufacturing advanced motor controllers, axial flux motors, thermal pumps, and customised controllers primarily for India's growing EV segment. Upon closing, SMGM will hold 49% and Turntide will hold 51% in the new entity. Both parties are subject to a 3-year lock-in on share transfers, and Turntide will contribute proprietary technology and technical know-how. The deal is subject to necessary regulatory approvals.
This is a positive development for shareholders as it positions Minda Corporation in the high-growth Indian EV components space through a partnership with a global technology leader. The deal strengthens the company's EV product portfolio and supports the 'Make in India' initiative, though the minority 49% stake means Minda will not have full control over the JV's operations.