February 2025
Published: 21 Feb 2025
Author: Precedence Research
no Minda Limited, one of the significant manufacturers of automotive components in India, is tying up with Suzhou Inovance Automotive Co. Ltd. to better position India on the global map in the electric vehicle (EV) supply chain. The joint venture will manufacture high-voltage Electric Vehicle components for passenger and commercial vehicles. It will essentially put together Uno Minda's manufacturing and distribution network with the technical prowess of Inovance Automotive in the field of powertrain solutions to meet the growing demand for efficient, high-performance EV components, including Combined Charging Units (CCUs), E-axles, Inverters, and Motors. To localize production would certainly reduce the import dependence for components, bring down costs, and enhance the resilience of the supply chain itself for the EV sector.
Inovance Automotive will acquire a 30% shareholding in Uno Minda Auto Innovations Private Limited, a subsidiary of Uno Minda earning a 70% majority. The joint venture plans to cater to the Indian market, thereby ensuring local manufacturing, marketing, and distribution. The governance framework shall ensure the combined strength of both companies while directing operational efficiency and strategic coherence.
The joint venture arises from the technical license agreement signed for the first time in June 2024, in which Uno Minda and Inovance Automotive started collaborating to introduce advanced EV technologies into the Indian market. With government policies and incentives pushing the charge towards EV adoption, this venture is expected to act as a catalyst for the Make in India initiative of India through local development and manufacturing of key EV components.
Uno Minda and Inovance Automotive are in a joint venture for energy-efficient solutions to serve the enlarging electric vehicles segment in India. The joint venture will help ease import dependence for some of the key electric vehicle components and provide job opportunities as well as cost-effective production. Uno Minda is an Indian headquarters-based company that partners well with all OEMs across the world, based on technological innovations, sustainability, and customer satisfaction.
Inovance Automotive is a global leader in EV powertrain systems and provides advanced solutions for pure electric or hybrid vehicles. Both entrants intend to multiply EV adoption, strengthening supply chains; they make similar mobility attainable for millions of consumers. India is getting ready for the conditioning of an electric future; this partnership will catapult the next generation of innovation in terms of EV technology while bolstering India's stronghold in this arena as a key player in the global automotive ecosystem. Solutions to meet increasingly stringent emission standards, reducing import dependence, and increasing access to electric mobility are all objectives of the partnership.
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