Minda Corporation Forms Joint Venture with Turntide to Boost India's EV Powertrain Solutions
Minda Corporation Limited, through its subsidiary, has entered into a strategic joint venture with Turntide Drives Limited, United Kingdom. The partnership aims to develop and manufacture advanced new generation mobility vehicle powertrain solutions, supporting India's rapidly growing electric vehicle (EV) sector.The collaboration resulted in the incorporation of a new entity, 'Spark Minda Turntide Private Limited,' in India on April 11, 2026.
The Joint Venture Company will focus on producing advanced components including high and low voltage motor controllers, high-voltage and high-performance electric motors, pumps for thermal applications, and other customized controllers primarily tailored for India's expanding EV segment.
Key Details of the Joint Venture
The partnership aims to combine Minda Corporation's strong local presence with Turntide's advanced global technology to deliver localized, high-quality, and cost-competitive solutions for the domestic market.The ownership structure of the proposed Joint Venture Company is as follows:
| Party | Stake Percentage |
|---|---|
| Spark Minda Green Mobility Systems Private Limited, India (SMGM) | 49% |
| Turntide Drives Limited, United Kingdom | 51% |
The agreement established several significant terms for the new entity. Neither SMGM nor Turntide will transfer any of their shares in the Joint Venture Company for a period of three years from the Execution Date (the Lock-In Period). Furthermore, the Board of Directors of the JV company will comprise five directors, with two nominees provided by SMGM and three nominees provided by Turntide. Turntide will contribute proprietary technologies and technical know-how necessary for product development and manufacturing in India.
Strategic Significance
The move is positioned as a major step toward supporting the transition to sustainable mobility in India.Ashok Minda, Chairman and Group CEO of Minda Corporation Limited, stated that the partnership with Turntide is a significant milestone in the company's journey toward electrification. He added that by combining Turntide's proven global technology with Minda Corporation Limited's strong local footprint, the venture aims to deliver high-quality, cost-competitive EV powertrain solutions, thereby meeting 'Make in India' objectives and enhancing the local EV supply chain resilience.
Steve Hornyak, CEO of Turntide Technologies, highlighted that India's electrification growth story is central to Turntide's strategy. He noted that the joint venture is a key step in bringing their powertrain technologies closer to customers, allowing them to deliver localized, high-performance solutions for India's rapidly evolving mobility ecosystem.
MINDACORP Stock Price Movement
Shares of Minda Corporation Limited today slipped by 0.08%, closing at ₹509.25. The stock saw moderate activity, with 415,417 shares recorded in volume during post-market trading.Source:
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