Auto component major Uno Minda has entered into a joint venture (JV) agreement with Buehler Motor, a Germany-based global supplier of customised mechatronic drive solutions. They will jointly develop, manufacture and market traction motors in India and other SAARC nations. The JV will offer traction motors for battery driven electrified two-wheelers and three-wheelers.
In addition, the JV plans to incur capital expenditure of Rs 110 crore including sustaining capex over a period of the next six years, the investment will be scheduled to meet the demand. Uno Minda will be investing about Rs 17 crore as equity investment in the JV to part finance this capital expenditure, while the remaining will be funded through a mix of debt and internal accruals of the JV entity.
Uno Minda will hold a 50.1 percent stake in the JV while the remaining stake will be held by Buehler. Apart from the automotive industry, Buehler also specialises in aviation and many other industrial applications having a manufacturing presence in Germany, Czech Republic, USA, Mexico and China.
At present, Uno Minda has one of the most extensive EVs specific product portfolios in the industry for two-wheelers and three- wheelers.
Addition of Traction motors will further complement the company's impressive existing EV specific product portfolio especially the motor controller, the tier-I component supplier said.
According to Nirmal K Minda, Chairman and Managing Director, Uno Minda Group, the company has been continuously on the lookout for new and advanced technologies facilitating smarter, cleaner and safer transportation. “This partnership will help us combine our engineering expertise and technologies to accelerate localisation and manufacturing of traction motors for the Indian automotive market,” Minda said.
Mark Furtwangler, CEO of Buehler said, “Our combined strengths, Uno Minda's expertise in value-focused engineering, manufacturing process and customer connects and Buehler Motor's technical expertise, global experience in motors and access to future technology, are a potent recipe for success in growing electric vehicle markets in India.”