The establishment follows a joint venture agreement revealed earlier on March 9, 2026, between Spark Minda Green Mobility Systems Private Ltd (SMGM), a wholly-owned subsidiary of Minda Corporation, and Turntide Drives Ltd.
As part of the agreement, SMGM will own a 49% stake in the joint venture, while Turntide Drives Ltd will maintain a 51% share after the closing. The focus of the JV will be on developing and manufacturing cutting-edge next-generation motor controllers, axial flux motors, thermal application pumps, and other tailored controllers for India’s electric vehicle sector and associated ancillary activities.
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The agreement stipulates that neither party can transfer shares or create encumbrances in the joint venture company for three years from the execution date. The JV board will consist of five directors, including two nominees from SMGM and three from Turntide.
Turntide will supply proprietary technologies and technical expertise for product development and manufacturing in India under terms mutually agreed upon. The issuance of equity shares will proceed as needed to maintain the agreed 49:51 shareholding ratio.
SMGM, being a wholly-owned subsidiary of Minda Corporation, is not involved in any related party transactions. This agreement does not qualify as a related party transaction and is set to be executed at arm’s length. The disclosure also clarifies that the JV does not involve any interests from the promoter or promoter group in the entity awarding the agreement.
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The previous press release highlighted that the JV will concentrate on developing high and low-voltage motor controllers, high-performance electric motors, thermal pumps, and customized controllers aimed at fulfilling the demands of India’s expanding EV market. The partnership structure allows Turntide to hold a majority interest at 51% and SMGM at 49%, promoting localization of EV powertrain technologies in India.
Minda Corporation Ltd’s shares closed at ₹508.50, reflecting a decline of ₹5.05, or 0.98%, on the BSE today, April 13.
(Edited by : Shoma Bhattacharjee)
First Published: Apr 13, 2026 7:09 PM IST
