Uno Minda Limited, a leading Indian auto components manufacturer, has announced a strategic joint venture with China’s Suzhou Inovance Automotive Co. Ltd. to produce high-voltage EV components in India. This partnership strengthens Uno Minda’s expansion into the growing EV market by combining Inovance Automotive’s expertise in powertrain systems with Uno Minda’s strong manufacturing capabilities. The joint venture will focus on developing key EV components, including combined charging units, e-axles, inverters, and motors for passenger and commercial four-wheelers.
Under the agreement, Inovance Automotive will acquire a 30% stake in Uno Minda Auto Innovations Private Limited, a wholly-owned subsidiary of Uno Minda, through its Hong Kong-based investment arm, while Uno Minda will retain a 70% controlling stake.
This joint venture highlights both companies’ commitment to India’s EV market, with India designated as the exclusive hub for manufacturing and distribution. The partnership allows the joint venture to sell products under both the Uno Minda and Inovance brands, as well as directly to original equipment manufacturers (OEMs).
The governance structure underscores the strategic nature of the partnership, with Uno Minda appointing five directors, including one independent director, while Inovance will nominate three directors, also including one independent director. A Uno Minda nominee will serve as Chairman of the joint venture’s board.
This collaboration builds on a technical license agreement signed in June 2024, marking a planned progression toward deeper strategic cooperation in India’s evolving automotive sector. The joint venture is a significant milestone in India’s EV component manufacturing landscape, merging local production capabilities with international technical expertise to support the country’s growing electric vehicle market.
