The company said the incorporation follows a joint venture agreement disclosed 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.
Under the arrangement, SMGM will hold a 49% stake in the JV, while Turntide Drives Ltd will hold 51% post-closing. The JV will focus on the development and manufacturing of advanced next-generation motor controllers, axial flux motors, pumps for thermal applications, and other customised controllers for India’s electric vehicle segment and related ancillary activities.
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The agreement provides that neither party will transfer shares or create encumbrances in the JV company for a period of three years from the execution date. The JV board will comprise five directors, including two nominees from SMGM and three from Turntide.
Turntide will provide proprietary technologies and technical know-how for product development and manufacturing in India under mutually-agreed terms and conditions. The company said issuance of equity shares will be undertaken as required in the agreed 49:51 shareholding ratio.
SMGM is a wholly-owned subsidiary of Minda Corporation, and no related party transaction is involved. The agreement is not classified as a related party transaction and is to be executed at arm’s length. The disclosure also states that the JV does not involve any interest from the promoter or promoter group in the entity awarding the agreement.
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The earlier press communication noted that the JV will develop high and low-voltage motor controllers, high-performance electric motors, thermal pumps, and customised controllers, aimed at India’s growing EV market. The partnership structure provides for Turntide to hold majority ownership with 51% and SMGM with 49%, supporting localisation of EV powertrain technologies in India.
Shares of Minda Corporation Ltd ended at ₹508.50, down by ₹5.05, or 0.98%, on the BSE today, April 13.
(Edited by : Shoma Bhattacharjee)
