Uno Minda Limited, a prominent auto components manufacturer in India, has announced a new strategic joint venture with Suzhou Inovance Automotive Co. Ltd., based in China. The collaboration aims to produce high-voltage electric vehicle (EV) components in India, further strengthening Uno Minda’s position in the rapidly expanding electric vehicle market.
The joint venture will combine Inovance Automotive’s expertise in EV powertrain systems with Uno Minda’s established manufacturing capabilities in India. It will focus on the development and production of key EV components such as combined charging units, e-axles, inverters, and motors for both passenger and commercial electric vehicles.
As part of the agreement, Inovance Automotive will acquire a 30% stake in Uno Minda Auto Innovations Private Limited, a subsidiary of Uno Minda. Uno Minda will retain a 70% majority ownership of the joint venture. The venture will focus on India as its exclusive manufacturing and distribution territory, with products to be sold under both the Uno Minda and Inovance brands, as well as to original equipment manufacturers (OEMs).
The governance structure reflects the importance of this partnership, with Uno Minda appointing five directors, including one independent director, while Inovance will appoint three directors, also with one independent director. A nominee from Uno Minda will serve as the Chairman of the joint venture’s board.
This collaboration follows a technical license agreement announced in June 2024, marking the beginning of a deeper strategic relationship between the two companies to meet the demands of India’s evolving automotive sector. The joint venture is a key milestone in India’s drive to become a hub for EV component manufacturing, blending local expertise with global innovation.
Headquartered in India, Uno Minda operates through a network of state-of-the-art manufacturing facilities, R&D centers, and sales offices, serving both domestic and international markets. Known for its commitment to innovation and quality, Uno Minda collaborates closely with leading original equipment manufacturers (OEMs) worldwide, contributing significantly to advancements in automotive technology. The company’s strategic focus on sustainability, customer satisfaction, and technological excellence has established it as a trusted partner in the global automotive ecosystem
