Auto components maker Minda Corporation Ltd has officially filed regulatory compliance documents with NSE and BSE regarding its subsidiary's joint venture agreement with Turntide Drives Ltd. The company submitted the intimation to both stock exchanges under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following the formal agreement executed on March 09, 2026. This regulatory filing represents a significant milestone in the partnership's formalization process, ensuring compliance with Indian securities regulations for the joint venture establishment.
Auto components maker Minda Corporation Ltd announced on Monday (March 9) that its wholly owned subsidiary Spark Minda Green Mobility Systems Private Ltd has signed a joint venture agreement with Turntide Drives Ltd to develop and manufacture new generation motor controllers, axial flux motors and pumps for thermal applications for India's electric vehicle market. According to reports from CNBC TV18, the joint venture will be established through the incorporation of a new entity in India, with the venture focusing on developing and manufacturing high- and low-voltage motor controllers, high-voltage electric motors, pumps for thermal applications and other customised controllers primarily for India's electric vehicle segment. The venture targets the rapidly growing Indian EV market, focusing on high and low-voltage motor controllers, high-performance electric motors, and pumps for thermal applications while meeting original equipment manufacturer requirements and delivering cost advantages through local manufacturing.
Under the agreement, Spark Minda Green Mobility Systems will hold a 49% stake in the joint venture company, while Turntide Drives will own 51%. As reported by CNBC TV18, the board of the joint venture company will comprise five directors, with two nominated by Spark Minda Green Mobility Systems and three nominated by Turntide. Shares will be issued to both partners in the agreed shareholding ratio of 49:51 as and when required. Additionally, share transfer by either partner will be restricted for three years from the execution date under a lock-in arrangement. The partnership seeks to leverage Turntide's globally proven technology with Minda Corporation's strong local presence to deliver high-quality, cost-competitive EV powertrain solutions, aligning with 'Make in India' objectives and enhancing the domestic supply chain resilience.
Under the agreement, Turntide will provide the joint venture with proprietary technologies and technical know-how required for the development and manufacturing of the products in India. According to CNBC TV18, the venture aims to deliver advanced, high-quality, and cost-competitive EV powertrain solutions that support India's transition to sustainable mobility. The partnership combines Turntide's globally proven technology with Minda Corporation's strong local presence to enhance the resilience of the domestic supply chain of the EV ecosystem. The collaboration encompasses multiple product categories essential for EV powertrain systems, with the joint venture focusing on motor controllers, electric motors, thermal solutions, and custom controllers specifically tailored for India's rapidly growing EV segment.
Ashok Minda, Chairman and Group CEO of Minda Corporation Limited, stated that this partnership with Turntide marks a significant milestone in their journey towards electrification. As reported by CNBC TV18, he emphasized that by combining Turntide's globally proven technology with Minda Corporation's strong local presence, they aim to deliver advanced, high-quality, and cost-competitive EV powertrain solutions. According to ScanXNews, this partnership supports India's transition to sustainable mobility while meeting 'Make in India' objectives and enhancing the resilience of the domestic EV supply chain ecosystem. Steve Hornyak, CEO of Turntide Technologies, noted that India's electrification growth story is central to Turntide's strategy, and this joint venture is a key step in bringing their powertrain technologies closer to customers in the market.
Shares of Minda Corporation Ltd ended at ₹497.35, down by ₹23.05, or 4.43%, on the BSE following the announcement. According to CNBC TV18, this represents a decline in the stock price despite the positive strategic development of the joint venture formation. The stock's performance reflects market reaction to the partnership announcement, with investors showing mixed sentiment toward the company's expansion into the electric vehicle component manufacturing sector.
