Minda Corporation Limited, a manufacturer of auto components, has signed a joint venture agreement with Japan-based Toyodenso Co. Ltd. to manufacture and sell advanced automotive switches in India. The new joint venture company will be established with Minda Corporation holding a 60 percent stake and Toyodenso holding the remaining 40 percent. Operations are expected to begin in the second half of the financial year 2026–27 with a greenfield manufacturing plant in Noida, Uttar Pradesh. The venture has already secured orders from Indian customers.
The joint venture will focus on design, development, manufacturing, marketing, and trading of automotive switches for the automotive segment in India. Toyodenso will provide the joint venture with exclusive access to proprietary technologies and technical expertise necessary for product development and manufacturing.
The board of the joint venture company will consist of three directors, two nominated by Minda Corporation and one nominated by Toyodenso. The joint venture partners are not related to each other or to their respective promoter groups, and the transaction does not fall under related party transactions.
“We are very excited and privileged to partner with Toyodenso, a Global Japanese company with rich legacy of technological innovation. This partnership marks a pivotal milestone in our journey to drive smart mobility solutions while fostering indigenous manufacturing by integrating globally recognized technologies into India’s automotive ecosystem,” said Ashok Minda, Chairman and Group CEO of Minda Corporation, commenting on the partnership.
“Toyodenso aims to stabilize its business base and will work with SPARK MINDA to develop the Indian market to focus on the manufacturing and sales of automotive parts in India, which is a growing market,” stated Kiyoshi Koide, President of Toyodenso Co., Ltd.
Minda Corporation Limited, established in 1985, is an automotive component manufacturer based in India. The company produces vehicle access systems, electrical distribution systems, die casting parts, advanced electronics, and powertrain components for two-wheelers, passenger vehicles, commercial vehicles, off-roaders, and the aftermarket. Minda Corporation operates across India and has a diversified customer base that includes both domestic and international automotive original equipment manufacturers.