New Delhi, March 10 Auto component maker Minda Corporation announced on Tuesday that it has entered into a joint venture agreement with Turntide Technologies to offer new generation powertrain solutions for the electric vehicle industry.
Minda Corp, through its wholly-owned SPV, will hold a 49 per cent stake in the joint venture firm, while Turntide will hold the remaining 51 per cent.
The joint venture entity will focus on the development and manufacturing of advanced, next-generation high and low-voltage motor controllers, high-voltage and high-performance electric motors, pumps for thermal applications, and other customized controllers primarily for India's growing EV segment, Minda Corporation said in a statement.
The joint venture will leverage the combined strengths of Minda Corp and US-headquartered Turntide to accelerate the development cycles and strengthen the local supplier ecosystem for electric vehicles, it added.
"This partnership with Turntide marks a significant milestone in our journey towards electrification," said Minda Corporation Chairman and Group CEO Ashok Minda.
Steve Hornyak, CEO of Turntide Technologies, said: "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."