Shares of Minda Corporation’s shares increased by over 2% in early trading on 15 April, following the announcement of a joint venture with a UK-based firm to boost its footprint in the electric vehicle (EV) industry.

Spark Minda Green Mobility Systems (SMGM), the company’s fully owned subsidiary, has signed a joint venture agreement with Turntide Drives, which is subject to regulatory approval. The cooperation would operate through a newly formed joint venture firm in India.

The joint venture will develop and manufacture next-generation EV components such as high- and low-voltage motor controllers, high-performance electric motors, thermal management pumps, and other custom controllers, with a primary focus on India’s rapidly expanding EV industry.

According to the agreement, Minda Corporation will control 49% of the company through its wholly owned SPV, with Turntide owning the other 51%.

“This partnership with Turntide marks a significant milestone in our journey towards electrification,” said Ashok Minda, Chairman and Group CEO of Minda Corporation.

He stated that by integrating Turntide’s globally established technology with Minda Corporation Limited’s strong local presence, we want to produce sophisticated, high-quality, and cost-effective EV powertrain solutions that would help India transition to sustainable mobility. This would help to satisfy the ‘Make in India’ objectives and strengthen the domestic supply chain of the EV ecosystem.

At 2:25 pm, the shares of Minda Corporation were trading 1.54% higher at Rs 517.10 on NSE.

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