India’s electric vehicle ecosystem is evolving rapidly, and new collaborations are emerging to strengthen domestic manufacturing and technology capabilities. In a significant move, Spark Minda and Turntide Technologies have entered into a joint venture to develop and manufacture advanced electric vehicle (EV) powertrain components specifically for the Indian market.
The agreement was officially announced on March 10, 2026, by Minda Corporation Limited, the flagship company of the Spark Minda Group, and UK-based Turntide Technologies. The partnership reflects the growing focus on localised EV component manufacturing as India pushes forward with electrification.
Joint Venture Structure and Ownership
The newly formed joint venture has been structured to combine global technology expertise with strong domestic manufacturing capabilities. Under the agreement, Turntide Technologies will hold a 51% controlling stake, while Minda Corporation, through its subsidiary Spark Minda Green Mobility Systems, will hold 49% ownership.
The venture’s board will consist of five directors, with three nominated by Turntide and two by Spark Minda. Additionally, both companies have agreed to a three-year lock-in period on share transfers, ensuring stability during the early development phase.
Through this collaboration, Spark Minda and Turntide Technologies aim to build a strong foundation for producing advanced EV components locally while supporting the growing supplier ecosystem.
Focus on Advanced EV Powertrain Technologies
The joint venture will focus on designing and manufacturing key EV powertrain components, including:
- High- and low-voltage motor controllers
- Advanced axial flux electric motors
- Pumps for thermal management applications
- Other controllers used in electric mobility systems
These solutions will primarily target two-wheelers, three-wheelers, and commercial vehicles, which represent a major share of India’s EV adoption.
Turntide will contribute its proprietary technology and engineering expertise, while Minda Corporation will leverage its extensive manufacturing infrastructure and relationships with global OEMs. By combining these strengths, Spark Minda and Turntide Technologies aim to deliver cost-competitive and high-performance powertrain solutions tailored for Indian conditions.
Manufacturing Timeline and Financial Outlook
The companies plan to begin local manufacturing by the fourth quarter of FY27, with the venture targeting annual revenues of ₹75–100 crore starting from FY28.
The collaboration is expected to support India’s “Make in India” initiative by strengthening the domestic EV component supply chain and reducing dependence on imported technologies.
Following the announcement, shares of Minda Corporation reportedly rose nearly 5% during intraday trading, reflecting positive market sentiment toward the partnership.
Leadership Perspective on the Partnership
Ashok Minda, Chairman and Group CEO of Minda Corporation Limited, described the partnership as a major step in the company’s electrification journey. He noted that combining Turntide’s globally proven technologies with Minda’s strong local presence will help deliver advanced and cost-effective EV powertrain systems while strengthening India’s domestic EV supply chain.
Similarly, Steve Hornyak, CEO of Turntide Technologies, highlighted India’s growing electrification market as a key strategic priority. He emphasised that working with Minda Corporation allows the company to bring its powertrain technologies closer to customers and provide localised solutions for the rapidly evolving mobility ecosystem.
Strengthening India’s EV Future
As India accelerates its transition toward sustainable transportation, partnerships like Spark Minda and Turntide Technologies are expected to play a crucial role. By combining global innovation with local manufacturing, the joint venture could help strengthen India’s EV ecosystem and support the next wave of electric mobility growth.
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