NEW DELHI, 29th April 2025
Uno Minda, a Tier 1 component manufacturer in India, has announced a joint venture with Chinese powertrain manufacturer Suzhou Inovance Automotive Co. Ltd. and Inovance Automotive (HK) Investment Co. Ltd to develop and manufacture high-voltage components for electric vehicles, such as combined charging units, e-axles, inverters, and motors.
This partnership will invest a total of Rs 423 crores in the development and production of high-voltage components for electric vehicles, such as combined charging units, e-axles, inverters, and motors.
According to a regulatory filing, Uno Minda will initially own a 100% stake in the joint venture, which will be reduced to 70% over three years with an investment of Rs 114 crore.
The project is expected to achieve a manufacturing capacity of 203,043 units per year, with production beginning in the second quarter of fiscal year 2026-27 and reaching full capacity within three years of operations.
As part of its capital expenditure plans, Uno Minda will invest approximately Rs 114 crore in the joint venture’s equity capital, ensuring a 70% stake. This investment will take place over the next three years, with Uno Minda holding 100% equity until Inovance Automotive (HK) Investment Co. Ltd. receives the necessary regulatory approvals, at which point the Chinese partner will take a 30% stake.
The joint venture will operate through Uno Minda Auto Innovations Private Limited, a wholly-owned subsidiary founded on April 5, 2023, with project financing provided by a combination of equity and term loans.
