Uno Minda partners with lnovance Automotive to strengthen e-4W product portfolio

Uno Minda Limited ("Uno Minda") (formerly known as Minda Industries Limited), a Global Tier-1 Supplier of proprietary automotive systems and solutions to original equipment manufacturers ("OEMs") has announced that it has entered into a Technical License Agreement ("TLA") with Suzhou lnovance Automotive Co., Ltd., China ("lnovance Automotive") for manufacture and sale of select high voltage category electric vehicle products for passenger vehicle and commercial vehicle in India. The select electric vehicle products include Charging Control Unit (CCU), EV inverter, EV motors and nextgeneration 3-in-1 electric drive systems (e-Axle). This partnership will significantly expand Uno Minda's e-4W product portfolio, enabling them to effectively cater to the growing Indian EV market.

Uno Minda aims to further strengthen the partnership by transitioning it into a joint venture, subject to necessary approvals.

Founded in 2003, lnovance is a leading global provider of products and solutions in general industry, intelligent elevator, rail transit and new-energy vehicle (NEV), achieving over USD 4.2 billion in revenue in FY23. Suzhou Inovance Automotive Co., Ltd., a subsidiary of lnovance, boasts a global presence with operations spanning Germany, France, United Kingdom, Switzerland, Norway, Hungary, India, Japan, Thailand, and China. lnovance Automotive is a leading provider of intelligent components and systems for both electric and hybrid vehicles and supplies to many of the leading Chinese and Global PV and CV OEMs.

India's passenger car electric vehicle (EV) market is experiencing rapid growth, with sales nearly doubling in FY24 despite limited model availability. This trend is expected to accelerate with new vehicle launches and the entry of global OEMs.

Mr Nirmal K Minda, CMD, Uno Minda Group said; "Uno Minda is committed to leading the electric vehicle transformation across all vehicle categories. Similar to our success in e-2W, we are building a strong portfolio for e-4W. We are delighted to partner with lnovance Automotive to strengthen our EV product offerings for e-4W vehicles and accelerate India's transition to a sustainable and electrified future."

Mr Li Juntian, CEO of lnovance Automotive added; "lnovance Automotive is dedicated to providing world-class solutions for the New Energy Vehicle market. We are excited to collaborate with Uno Minda to expand our footprint in India's burgeoning EV market while developing innovative integrated electric drive units for the next generation of electric and hybrid vehicles.

Shares of Minda Industries Limited was last trading in BSE at Rs. 862.65 as compared to the previous close of Rs. 843.95. The total number of shares traded during the day was 8563 in over 829 trades.

The stock hit an intraday high of Rs. 869.90 and intraday low of 844.55. The net turnover during the day was Rs. 7361935.00.

Source : Equity Bulls

Keywords

UnoMinda INE405E01023 TechnicalLicenseAgreement SuzhouInovanceAutomotiveCo China