Minda Corporation Forms JV with Turntide for EV Solutions

Minda Corporation Limited, through its wholly owned subsidiary Spark Minda Green Mobility Systems Private Limited, has signed a Joint Venture Agreement with Turntide Drives Limited, a UK-based company. The agreement was finalized on March 9, 2026, and is aimed at developing and manufacturing advanced motor controllers, axial flux motors, and pumps for thermal applications. These products are primarily intended for India’s expanding electric vehicle (EV) segment. The joint venture will operate through a newly incorporated entity in India.

The shareholding structure of the proposed joint venture company will see Spark Minda Green Mobility Systems holding a 49% stake, while Turntide Drives Limited will hold a 51% stake. The agreement includes a lock-in period of three years during which neither party can transfer or encumber their shares. The board of the joint venture company will consist of five directors, with two nominated by Spark Minda and three by Turntide. Turntide will provide the joint venture with proprietary technologies and technical know-how under mutually agreed terms.

The joint venture will focus on the development and manufacturing of advanced new generation motor controllers, axial flux motors, and pumps for thermal applications. These components are tailored for India’s growing EV market. The collaboration aims to leverage Turntide’s advanced global technology to deliver localized products suited to domestic requirements. The joint venture will also support the local supplier ecosystem for electric vehicles by accelerating development cycles and meeting OEMs’ performance and quality standards.

The joint venture agreement was signed on March 9, 2026. The incorporation of the new joint venture entity in India is expected to follow, with operational activities commencing thereafter. The timeline for the full implementation of the joint venture’s objectives will depend on regulatory approvals and the establishment of manufacturing capabilities in India.

Spark Minda Green Mobility Systems Private Limited is a wholly owned subsidiary of Minda Corporation Limited, which is the listed entity. Turntide Drives Limited is a UK-based company specializing in electric motors and powertrain solutions. The joint venture will combine the strengths of both companies, with Spark Minda contributing its local market presence and Turntide providing its proprietary technologies.

The joint venture is strategically significant given the rapid growth of India’s EV market, driven by government initiatives and increasing demand for sustainable transportation solutions. The collaboration aims to support India’s transition to sustainable mobility by delivering high-quality, cost-competitive EV powertrain solutions. The joint venture will also contribute to the ‘Make in India’ initiative by enhancing the resilience of the domestic EV supply chain.

Turntide Drives Limited designs and manufactures electric motors, power electronics, and energy storage solutions. The company operates in North America, the UK, and India, serving global markets including automotive and commercial vehicles. The joint venture with Minda Corporation aligns with Turntide’s strategy to expand its presence in the Indian market.

Minda Corporation Limited is a leading automotive component manufacturer in India with a diversified product portfolio. The company serves two and three-wheelers, passenger vehicles, and commercial vehicles. Minda Corporation focuses on integrating the latest technologies and has a dedicated R&D facility to meet international quality standards.