UNO Minda, JV boards approve project report for EV power train products
UNO Minda
Ltd on Wednesday said a detailed project report to develop and manufacture high voltage
electric vehicle
power train products through its joint venture with Suzhou lnovance Automotive entailing a cost of Rs 423 crore has been approved by their respective boards. The company's board has also approved an investment of Rs 114 crore in the equity capital of the joint venture, equivalent to 70 per cent stake.
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On February 17, 2025, the company had announced the approval and execution of a joint venture agreement with Uno Minda Auto Innovations Pvt. Ltd., Suzhou lnovance Automotive Co. Ltd. (lnovance Automotive) and lnovance Automotive (Hong Kong) Investment Co. Ltd.
The JV is meant for development and manufacturing of high-voltage
EV power train
products for four-wheeler passenger and commercial vehicles, including combined charging units, e-axle, inverter and motors.
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"The board of the company and the JV company in their respective meetings held today have approved a detailed project report for the development and manufacturing of high voltage category of 4W PV & CV
EV
power train products with a total project cost of Rs 423 crore approximately," UNO Minda Ltd said in a regulatory filing.
It also said that the board of the company has approved the overall investment of Rs 114 crore approximately in the equity capital of the JV, which is equivalent to 70 per cent stake, it added.
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"The said amount is to be invested over a period of the next three years. The company shall initially invest 100 per cent in the equity capital of the JV company till the time lnovance Automotive (HK) Investment Co. Ltd obtains the PN3 (press note 3) and other required approval from the regulators," the filing said.
Post getting approval from the regulators, the JV Partner will acquire 30 per cent equity stake in the JV, it added.
As per their agreement, lnovance Automotive, through its wholly-owned subsidiary lnovance Automotive (HK) Investment Co. Ltd., Hong Kong is envisaged to hold 30 per cent equity shares of an already incorporated and existing wholly owned subsidiary company of Uno Minda Ltd in India under the name 'Uno Minda Auto Innovations Pvt Ltd', which upon investment subject to necessary regulatory approvals in respective geographies will be treated as joint venture company.
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