Uno Minda To Invest ₹1.14 Billion In JV With China's Innovance For EV Powertrain Products

Uno Minda Ltd said its board has approved an investment of ₹1.14 billion to acquire a 70% stake in a joint venture with Suzhou Innovance Automotive Co. Ltd. and its subsidiary Innovance Automotive Investment Co. Ltd. The venture will focus on developing and manufacturing powertrain products, the company said in an exchange filing.

The board has also cleared a separate ₹4.2 billion project to produce high-voltage, 4-watt photovoltaic constant voltage EV powertrain products with an annual capacity of 203,043 units.

Uno Minda will invest the decided amount in the joint venture over a three-year period. Initially, it will retain full ownership of the JV until Innovance Automotive Investment secures the ‘PN3’ approval and other required regulatory clearances. Following this, Innovance Automotive will acquire a 30% stake in the venture