Minda Corporation and Turntide to form a Joint Venture

Minda Corporation Limited ("Minda Corp" or the "Company"; NSE: MINDACORP, BSE: 538962), the flagship company of Spark Minda, today announced a strategic joint venture agreement with Turntide Technologies (Turntide), subject to the necessary regulatory approvals. Under the joint venture, Minda Corp through its wholly owned SPV will hold 49% stake, and Turntide will hold 51%. This venture will bring new generation powertrain solutions for the electric vehicle industry.

The Joint Venture Company will focus on the development and manufacturing of advanced new generation high and low-voltage motor controllers, high-voltage and high-performance electric motors, pumps for thermal applications, and other customised controllers tailored primarily for India's growing EV segment.

This partnership aims to bring Turntide's advanced global technology closer to the Indian market and deliver localized, premium products suited to domestic requirements.

India's EV market is expanding rapidly, driven by government initiatives and growing sustainable transportation solutions demand. The joint venture will leverage the combined strengths of Minda Corp and Turntide to accelerate the development cycles and strengthen the local supplier ecosystem for electric vehicles. The new venture aims to meet OEMs stringent performance and quality requirements while delivering cost advantages through local manufacturing and cutting-edge solutions.

Mr. Ashok Minda, Chairman and Group CEO of Minda Corporation Limited, commented: "This partnership with Turntide marks a significant milestone in our journey towards electrification. By combining Turntide's globally proven technology with Minda Corporation Limited's strong local presence, we aim to deliver advanced, high-quality, and cost-competitive EV powertrain solutions that support India's transition to sustainable mobility. This will result to meet 'Make in India' objectives and enhance the resilience of domestic supply chain of EV ecosystem."

Mr. Steve Hornyak, CEO of Turntide Technologies, commented: "India's electrification growth story is central to Turntide's strategy, and this joint venture is a key step in bringing our powertrain technologies closer to customers in the market. We're proud to partner with Minda Corporation, a fantastic team with decades of experience serving global OEMs, as we deliver localized, high-performance solutions for India's rapidly evolving mobility ecosystem."

Shares of Minda Corporation Limited was last trading in BSE at Rs. 494.35 as compared to the previous close of Rs. 506.65. The total number of shares traded during the day was 4380 in over 316 trades.

The stock hit an intraday high of Rs. 511.35 and intraday low of 493.50. The net turnover during the day was Rs. 2189567.00.

Source : Equity Bulls

Keywords

MindaCorporation INE842C01021 JVAgreement TurntideTechnologies