A major Indian auto constituent manufacturer UNO Minda Limited, has announced a strategic joint venture with China’s Suzou Inovance Automotive Company Limited to produce high-voltage EV components in India. The partnership strengthens the expansion of UNO Minda in the growing EV market by combining the specialization of innovation automotive in the powertrain system with strong manufacturing capabilities of UNO Minda. Combined venture key will focus on developing EV components, including joint charging units, e-accessories, inverters and motors for four-wheelers.
Under the agreement, the Innovation Automotive will acquire a 30% stake in UNO MINDA Auto Innovations Private Limited through its Hong Kong-based investment branch, while UNO Minda will make 70% controlled bets.
This joint venture highlights the commitment of both companies to the EV market of India, named as an exclusive center for manufacturing and distribution with India. The partnership allows the joint venture to sell products under both UNO Minda and Inovance brands, as well as direct original equipment manufacturers (OEMS).
The structure of governance underlines the strategic nature of the partnership, with UNO Minda appointed five directors, including an independent director, while the innovation will nominate three directors, including an independent director. A UNO Minda Nominee will serve as the chairman of the board of the joint venture.
This cooperation makes a technical license agreement signed in June 2024, which marks a planned progress towards deep strategic cooperation in India’s developed motor vehicle sector. The joint venture is an important milestone in India’s EV component manufacturing scenario, merging local production capabilities with international technical expertise to support the country’s growing electric vehicle market.
