Minda Corporation Limited announced that its wholly owned subsidiary, Spark Minda Green Mobility Systems Private Limited (SMGM), has signed a Joint Venture Agreement with UK-based Turntide Drives Limited. The JV will focus on developing and manufacturing advanced new generation motor controllers and axial flux motors primarily for India’s growing EV segment. Upon closing, SMGM will hold 49% and Turntide will hold 51% of the new Indian entity, leveraging Turntide’s technology.
Strategic Alliance for E-Mobility
Minda Corporation Limited has disclosed a significant strategic development concerning its wholly owned subsidiary, Spark Minda Green Mobility Systems Private Limited (SMGM). On March 09, 2026, SMGM executed a Joint Venture Agreement with Turntide Drives Limited, United Kingdom.
The primary objective of this collaboration is the establishment of a new joint venture company in India focused on the development and manufacturing of cutting-edge components tailored for the expanding electric vehicle (EV) market. These products include advanced new generation motor controllers, axial flux motors, and pumps for thermal applications.
Shareholding and Governance Structure
The transaction establishes a specific capital structure for the proposed JV company:
- SMGM (Spark Minda): 49% stake
- Turntide Drives Limited: 51% stake
The governance framework mandates that the Board of the JV company will comprise Five Directors: Two nominated by SMGM and Three nominated by Turntide.
The agreement also includes restrictive covenants. Neither party can directly or indirectly Transfer any of their shares in the Joint Venture Company (JVC) for a period of three (3) years from the Execution Date, referred to as the “Lock-In Period”.
Technology Transfer and Market Focus
A critical component of the partnership involves Turntide providing the JV Company with proprietary technologies and technical know-how essential for the local development and manufacturing of the specified products in India on mutually agreed terms.
Mr. Ashok Minda, Chairman and Group CEO of Minda Corporation Limited, highlighted that the partnership aims to deliver advanced, high-quality, and cost-competitive EV powertrain solutions, supporting India’s transition to sustainable mobility and meeting ‘Make in India’ objectives.
Company Backgrounds
Minda Corporation Limited operates as the flagship company of Spark Minda, possessing a diversified product portfolio covering Mechatronics, Information and Connected Systems, and Plastics & Interiors for the automotive industry, serving both Indian and global OEMs.
Turntide Technologies specializes in designing and manufacturing best-in-class electric motors, power electronics, energy storage, and thermal equipment, operating across North America, the U.K., and India.
Source: BSE
