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Uno Minda to enhance its EV offerings with German joint venture

Uno Minda to enhance its EV offerings with German joint venture

Uno Minda to enhance its EV offerings with German joint venture
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By CNBCTV18.com Nov 10, 2022 3:15:44 PM IST (Published)

The JV will offer traction motors for battery-driven two and three-wheeler electric vehicles.

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Uno Minda, formerly known as Minda Industries Ltd., has signed a joint venture agreement with German-based Buehler Motor GmbH to develop, manufacture and market traction motors in India and other SAARC nations.


The Joint Venture proposal, approved by the board on Thursday, will incur capital expenditure worth Rs 110 crore, including sustained capex over a period of six years.
Uno Minda will make an equity investment worth Rs 17 crore to part finance the deal and will hold 50.1 percent stake in the JV. Buehler will hold the remainder stake.
The JV will offer traction motors for battery-driven two and three-wheeler electric vehicles.

The addition of traction motors will complement the company's existing electric vehicle specific product portfolio, especially the motor controller.

Buehler Motor is a leading global supplier of customised mechatronic drive solutions. The company is a major player in the automotive and aviation industry.

Uno Minda is hopeful of this partnership accelerating the localisation and manufacturing of traction motors for the Indian automotive market.

Shares of Uno Minda are trading 1.1 percent lower at Rs 554.

A global supplier of proprietary automotive parts like automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems, and alloy wheels, Uno Minda’s shares have risen by over 30 percent over the past year.

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