Uno Minda Limited, a leading auto components manufacturer in India, has announced a strategic partnership with Suzhou Inovance Automotive Co. Ltd., a Chinese company, to launch a joint venture aimed at producing high-voltage electric vehicle (EV) components in India.
This collaboration will combine Inovance Automotive’s expertise in EV powertrain systems with Uno Minda’s strong manufacturing presence in India. The venture will focus on creating key EV components, including combined charging units, e-axles, inverters, and motors, for both passenger and commercial electric vehicles.
Under 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 the majority ownership with a 70% stake. The joint venture will operate exclusively in India, producing and distributing products under both Uno Minda and Inovance brands. These products will also be supplied to original equipment manufacturers (OEMs).
The governance structure of the joint venture reflects the importance of the partnership. Uno Minda will appoint 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 board.
This joint venture builds on a technical license agreement made in June 2024, marking a deeper collaboration between the two companies. The partnership aligns with India’s push to become a hub for EV component manufacturing, combining local expertise with global innovation.
Uno Minda, headquartered in India, operates a network of modern manufacturing plants, research and development centers, and sales offices across domestic and international markets. Known for its commitment to quality and innovation, the company works closely with leading OEMs around the world. With a focus on sustainability and technological excellence, Uno Minda has established itself as a trusted partner in the global automotive industry.
