Minda Corporation Limited announced that its wholly-owned subsidiary, Spark Minda Green Mobility Systems Private Limited (SMGM), has entered into a Joint Venture Agreement with UK-based Turntide Drives Limited, effective March 09, 2026. The JV aims to develop and manufacture advanced new generation motor controllers and axial flux motors primarily for India’s growing EV segment. SMGM will hold 49% equity, with Turntide holding the majority stake of 51%.
Strategic Joint Venture in Electrification
Minda Corporation Limited has formalized a strategic Joint Venture Agreement through its subsidiary, Spark Minda Green Mobility Systems Private Limited (SMGM), with Turntide Drives Limited from the United Kingdom. This collaboration, announced on Monday, March 09, 2026, is designed to establish a new joint venture entity in India.
Focus Areas and Technology Transfer
The primary objective of the Joint Venture Company will be the development and manufacturing of cutting-edge components tailored for India’s expanding Electric Vehicle (EV) market. These products include advanced new generation motor controllers, axial flux motors, and specialized pumps for thermal applications. Turntide will contribute crucial proprietary technologies and technical know-how to the JV for local development and manufacturing.
Shareholding Structure and Governance
Upon finalization, the shareholding in the proposed JV company will be split as follows: SMGM (India) will hold 49%, and Turntide Drives Limited (UK) will hold 51%.
Key operational terms include:
- A mandatory three (3) year Lock-In Period during which neither party can transfer or create any encumbrance on their shares in the Joint Venture Company (JVC).
- The Board of Directors for the JVC will consist of Five (5) Directors: two nominated by SMGM and three nominated by Turntide.
Market Rationale and Leadership Commentary
The partnership seeks to leverage Turntide’s globally proven technology with Minda Corporation’s strong local presence to deliver high-quality, cost-competitive EV powertrain solutions, aligning with ‘Make in India’ objectives and enhancing the domestic supply chain resilience.
Mr. Ashok Minda, Chairman and Group CEO of Minda Corporation Limited, stated that this collaboration marks a significant milestone in their electrification journey. Mr. Steve Hornyak, CEO of Turntide Technologies, emphasized that this JV is a key step in bringing their powertrain technologies closer to Indian customers in the rapidly evolving mobility ecosystem.
Source: BSE
