Haryana - Uno Minda Limited., an automotive components manufacturer, will acquire the remaining 49.9% stake in its EV systems subsidiary, UnoMinda EV Systems Pvt. Ltd. (UMEV)., from its joint venture partner, FRIWO Geratebau GmbH., a producer of power supplies and chargers.
Uno Minda is set to acquire full ownership of UnoMinda EV Systems Pvt. Ltd. (UMEV), increasing its stake from 50.10% to 100%. This strategic move involves purchasing the remaining equity from joint venture partner FRIWO Geratebau GmbH.
Uno Minda acquisition includes advanced e-drive technologies specifically designed for electric two and three-wheeler vehicles. It covers intellectual property rights, technical know-how, and the R&D team responsible for these innovations. Additionally, crucial control hardware and software related to these technologies will be transferred from FRIWO's facilities in Germany and Vietnam, further strengthening Uno Minda's position in the electric vehicle market.
Mr. Nirmal K Minda, CMD at Uno Minda Group, said, “We are extremely grateful to FRIWO for their partnership and valuable contributions to the success of UMEV over the years. With the acquisition of the remaining stake and the integration of e-Drive technologies, we are confident that UMEV will further strengthen its position as a leader in the Indian EV systems market. We see immense growth potential in the Indian EV market, particularly in the two-wheeler segment, and this acquisition will enable us to capitalize on this opportunity and explore new avenues for growth.”
The acquired e-drive technologies are vital for electric powertrain solutions tailored to two and three-wheeler EVs, a rapidly growing market in India. Integrating these technologies allows Uno Minda to expand its product lineup and offer comprehensive EV solutions. This strategic move enhances its competitiveness and solidifies its position in the fast-evolving EV industry.
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