Latest news with #lnovanceAutomotive
Business Standard
02-05-2025
- Automotive
- Business Standard
Uno Minda's board nod to setup greenfield plant for EV powertrain components
Uno Minda said that its board has approved the establishment of a new greenfield plant to manufacture high-voltage category powertrain products for four-wheeler passenger and commercial electric vehicles. The company will produce components such as combined charging units, e-axles, inverters and motors. The project will initially be executed through the companys wholly-owned subsidiary, Uno Minda Auto Innovations Private Limited. Subsequently, subject to necessary regulatory approvals, this entity will be converted into a joint venture company with Suzhou lnovance Automotive Co. Ltd. (lnovance Automotive). Upon conversion, Uno Minda will eventually hold a 70% equity stake in the joint venture. The company is evaluating the location for the plant basis the proximity to the customer and other investment benefits. Uno Minda has already secured e-axle order from a key anchor customer. The total project cost is estimated at approximately Rs 423 crore, which will be funded through a combination of debt and equity. Capital expenditure will be phased over the next three years, with Phase 1 expected to be commissioned by Q2 FY27. Ravi Mehra, managing director, Uno Minda Group said, This investment underscores Uno Minda's commitment to driving the future of electric mobility in India. By establishing this state-of-the-art facility, we will be well-positioned to meet the growing demand for highvoltage EV powertrain solutions. Our partnership with lnovance Automotive brings together our respective strengths and will enable us to deliver cutting-edge technology to our customers. Uno Minda is a leading global manufacturer and supplier of advanced automotive technology and systems to OEMs. They design and manufacture over 25 categories of components and systems for vehicles across all segments (passenger cars, commercial vehicles, two- and three-wheelers) catering to both internal combustion engines (ICE) and electric/hybrid vehicles. The companys consolidated net profit jumped 20.2% to Rs 232.56 crore in Q3 FY25 as compared with Rs 193.46 crore in Q3 FY24. Net sales increased 18.8% YoY to Rs 4183.99 crore during the quarter ended 31st December 2024. The counter rose 0.02% to end at Rs 894.30 on Wednesday, 30 April 2025.
Time of India
30-04-2025
- Automotive
- Time of India
UNO Minda, JV boards approve project report for EV power train products
Auto components maker 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. #Pahalgam Terrorist Attack Pakistan's General Asim Munir is itching for a fight. Are his soldiers willing? PM Modi chairs 'Super Cabinet' meeting after giving army 'full freedom' India planning to launch military strike against Pakistan within 24 to 36 hours, claims Pak minister 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. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo "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. Live Events "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.
