Minda Corporation bags Rs 750 crore order for EV chargers

Minda Corporation Limited, the flagship company of Spark Minda has secured a significant contract from a leading OEM to produce Battery Chargers for Electric Vehicles (EVs).

The lifetime value of the order is Rs 750 crores. This significant order underscores the company's commitment to sustainable mobility and enhances its range of EV offerings. Minda Corp did not specify the customer’s name in its official release.

During the last financial year, electric vehicles accounted for nearly 20% of the total orders won. This project will further solidify Spark Minda’s commitment towards green and connected mobility and underlines the company's position as a forward-looking, future-ready organization, led by innovation and technological excellence.

Speaking about the order, Aakash Minda, Executive Director, Minda Corporation said, “This prestigious order is a testament to Spark Minda’s robust EV product portfolio and our focus on customer-centricity. This milestone underlines our commitment towards promoting sustainable mobility and our ability to adapt to the evolving demands of the global automotive industry."

The awarded product will be manufactured at the wholly-owned subsidiary Spark Minda Green Mobility Systems' facility in Pune. 

The company produces EV components like DC-DC converters, battery chargers, and telematics among other product lines, which are currently being supplied to two- and three-wheeler makers.

This is part of the company's three-by-three-by-three (3x3x3) strategy for EV products. This entails Minda Corp will eye three product lines, up to 3kW and cater up to the three-wheeler segment until the EV market takes off in full force.

Aakash Minda had told Autocar Professional in his earlier interview that the company’s target is to have 10 percent of its revenues from EV components by FY2025-26. The company had set itself a target of billion dollars in group revenues by FY26 and EVs were going to be a key driving force in achieving that target.