Uno Minda & Inovance Automotive form JV to drive high-voltage EV powertrain innovation – EQ
In Short : Uno Minda has partnered with China’s Suzhou Inovance Automotive to manufacture high-voltage EV components, including inverters, motors, and charging units. This collaboration strengthens Uno Minda’s electric four-wheeler portfolio and supports India’s EV growth. The companies may establish a joint venture, subject to regulatory approvals, to drive innovation in EV powertrain technology.
In Detail : Uno Minda Ltd partnered with Suzhou Inovance Automotive Co. Ltd. and to develop and manufacture high-voltage EV powertrain products for passenger and commercial vehicles. As part of the agreement, Inovance Automotive will acquire a 30 percent equity stake in Uno Minda Auto Innovations Private.
After the transaction, Uno Minda will retain a 70 percent stake, converting the company into a joint venture focused on producing key EV powertrain components. This will include combined charging units, E-axles, inverters, and motors.
Operations & governance framework
The joint venture will operate in India, distributing products under the the companies trademarks. Its board will comprise eight directors, with Uno Minda appointing five members, including the chairman, and Inovance Automotive appointing three. The agreement includes governance controls, such as board representation rights, share transfer restrictions, and clauses on capital structure changes.
Uno Minda and Inovance Automotive strengthened partnership
This JV extends following a technical license agreement signed in June 2024. Through this partnership, the companies will combine their expertise in EV powertrain technology to strengthen their position in the electric vehicle component market.
