Uno Minda & Inovance Automotive Form JV to Drive High-Voltage EV Powertrain Innovation!

Uno Minda Ltd has entered into a strategic partnership with Suzhou Inovance Automotive Co. Ltd. to develop and manufacture high-voltage EV powertrain products for both passenger and commercial vehicles. As part of the agreement, Inovance Automotive will acquire a 30% equity stake in Uno Minda Auto Innovations Private, while Uno Minda will retain a 70% stake, forming a joint venture focused on producing key EV powertrain components.

The joint venture will focus on developing and manufacturing combined charging units, E-axles, inverters, and motors. This collaboration strengthens the companies’ position in the growing electric vehicle (EV) component market, combining Uno Minda’s expertise in the automotive sector with Inovance’s advanced EV powertrain technology.

The new venture will operate primarily in India, distributing products under the respective company trademarks. The governance structure of the joint venture includes a board of eight directors, with Uno Minda appointing five members, including the chairman, and Inovance Automotive appointing three. The agreement includes governance controls such as board representation rights, share transfer restrictions, and clauses regarding capital structure changes.

This partnership builds on a technical license agreement signed in June 2024, further deepening the collaboration between Uno Minda and Inovance Automotive. Through this venture, the companies aim to leverage their combined expertise to meet the rapidly growing demand for electric vehicle components in India and globally, advancing innovation in high-voltage powertrain solutions for the EV market.