Uno Minda & Innovance Gear Up for EV Powertrain Manufacturing in India

Uno Minda and its joint venture (JV) partner have approved a detailed project report for developing and manufacturing high-voltage electric vehicle (EV) powertrain products, marking a strategic step in advancing India’s EV ecosystem. The project entails a total investment of ₹423 crore.

The initiative follows a February 2025 agreement between Uno Minda, Uno Minda Auto Innovations, Suzhou Innovance Automotive, and Innovance Automotive (HK) Investment. The JV will focus on producing cutting-edge powertrain components, including e-axles, inverters, motors, and combined charging units for electric passenger and commercial four-wheelers.

As per the approved structure, Uno Minda will invest ₹114 crore over three years, acquiring a 70% equity stake in the JV through Uno Minda Auto Innovations, currently its wholly-owned subsidiary. Once regulatory clearances — including those under the Press Note 3 (PN3) framework — are obtained, Innovance Automotive, via its Hong Kong-based arm, will acquire the remaining 30%, converting the subsidiary into a full joint venture.

Until these approvals are secured, Uno Minda will retain full ownership of the entity, which will later shift to a 70:30 equity structure in its favor.

News by Rahul Yelligetti.