Minda Corporation Limited said its wholly owned subsidiary Spark Minda Green Mobility Systems Private Limited has signed a joint venture agreement with Turntide Drives Limited, United Kingdom, to develop and manufacture electric vehicle (EV) powertrain components in India. The agreement was signed on 09 March 2026 and the venture will operate through the incorporation of a new joint venture company in India.
The joint venture will focus on the development and manufacturing of advanced new generation motor controllers, axial flux motors, pumps for thermal applications, and other customised controllers tailored primarily for India’s EV segment.
Under the agreement, Spark Minda Green Mobility Systems Private Limited will hold 49 percent of the joint venture company, while Turntide Drives Limited will hold 51 percent. The board of the proposed joint venture will comprise five directors, including two nominated by Spark Minda Green Mobility Systems and three nominated by Turntide.
The agreement includes a three-year lock-in period during which neither party may directly or indirectly transfer shares held in the joint venture company or create any encumbrance on those shares. Turntide will also provide proprietary technologies and technical know-how required for the development and manufacturing of the products in India on mutually agreed terms.
“This partnership with Turntide marks a significant milestone in our journey towards electrification. By combining Turntide’s globally proven technology with Minda Corporation Limited’s strong local presence, we aim to deliver advanced, high-quality, and cost-competitive EV powertrain solutions that support India’s transition to sustainable mobility,” said Ashok Minda, Chairman and Group Chief Executive Officer of Minda Corporation Limited.
“India’s electrification growth story is central to Turntide’s strategy, and this joint venture is a key step in bringing our powertrain technologies closer to customers in the market. We’re proud to partner with Minda Corporation, a fantastic team with decades of experience serving global OEMs, as we deliver localized, high-performance solutions for India’s rapidly evolving mobility ecosystem,” said Steve Hornyak, Chief Executive Officer of Turntide Technologies.
Minda Corporation Limited, incorporated in 1985, manufactures automotive components including mechatronics systems, information and connected systems, and plastic and interior products for original equipment manufacturers. The company supplies components for two- and three-wheelers, passenger vehicles, commercial vehicles, off-road vehicles, and the aftermarket segment.
