Minda Corp Partners With Turntide For EV Tech, Targets ₹75–100 Cr. Revenue

Indian auto component maker Minda Corporation Ltd. expects to generate ₹75 to ₹100 Cr. in annual revenue by FY28 from its partnership with US-based Turntide Technologies.

The partnership focuses on developing EV powertrain systems for the Indian market. These are key parts that help electric vehicles run.

What Will The Partnership Focus On?

Spark Minda Green Mobility Systems Private Ltd is the wholly owned subsidiary of Minda Corporation, which has signed the partnership agreement. It will hold 49% ownership, while the remaining 51% will be held by Turntide.

Under this collaboration, the companies will develop important EV components such as:

• Electric motors

• Inverters

• Controllers

These components will be designed for both passenger vehicles and commercial electric vehicles in India.

Turntide Technologies is a popular brand in the transportation and industrial segments, where it provides efficient electric motors and power electronics technologies.

Minda Corp will use this expertise to improve its own portfolio of EV parts, which is a key area of growth for the automotive supply business.

Producing these parts in India will help automakers get EV components faster and at more competitive costs.

When Is The Revenue Expected?

Once the components are ready and start actually being used in EVs, the companies expect the business to start generating significant revenue. This is likely to happen from FY28.

The given timeline is common in the automotive industry because new components must go through design, testing, validation, and vehicle integration before they can be used in commercial production.

At the moment, the focus is on developing the technology, setting up local manufacturing, and securing supply deals with vehicle manufacturers.

Why Does This Move Matters For Minda Corp?

Minda Corporation currently makes many traditional automotive products, including:

• Mechatronics systems

• Information and connected systems

• Die-casting components

• Wiring harnesses and switches

By entering the EV powertrain segment, the company is expanding its product portfolio to match the changing needs of the automotive industry.

Also read : Union Cabinet Approves Major Changes To Insolvency & Companies Laws

What Lies Ahead

Minda Corporation has been doing well financially. In Q3 FY25, it reported a net profit of ₹88.19 Cr., which was 36.1% higher than the same period last financial year. Revenue from operations also rose 24.6% and stood at ₹1,560.29 Cr.

The new JV expects the business in India to grow steadily over the next few years. The JV expects to reach its projected scale within the next three to four years.

Investors interested in India’s growing EV market should keep track of such companies that could benefit from new demand across electric two-wheelers, passenger cars, and commercial vehicles.

Sources:

Business Standard

CNBC