Uno Minda (NSE:UNOMINDA, BOM:532539) entered into a joint venture agreement with China's Suzhou lnovance Automotive, according to a Monday filing to the Indian stock exchanges.
Under the pact, lnovance Automotive, through its wholly-owned arm lnovance Automotive (HK) Investment, will invest in Uno Minda Auto Innovations.
Uno Minda Auto will be treated as a joint venture company upon completion of the investment.
The JV will work towards developing and manufacturing a high-voltage category of 4W PV and CV EV powertrain products like combined charging units, E axle, inverters, and motors, among others.
Shares of the company were down 3% in recent trade.
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