Uno Minda Limited (“Uno Minda”) announced that its Board has approved to increase stake in UnoMinda EV Systems Pvt. Ltd. (“UMEV”) from 50.10% to 100% by acquiring additional equity stake from its joint venture partner FRIWO Geratebau GmbH (“FRIWO”). Along with additional stake, Uno Minda through its subsidiaries will also acquire the Intellectual Property Rights, the know-how and R&D Team relating to the e-Drives Business technologies including the required control hardware and service software, from FRIWO’s locations in Germany and Vietnam.
Nirmal K Minda, CMD, Uno Minda Group, says, “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 electric vehicle 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 e-drive technologies comprise of electric powertrain solutions for application in electric automotive two and three-wheeler vehicles. The purchase consideration for additional 49.9% stake in UMEV the shares, e-drive technologies and assets as mentioned above is approximately Rs 195 Crore. The transaction is expected to be consummated by end of Q1FY26.
Recognizing the burgeoning electric vehicle market early on, Uno Minda established UMEV in December 2021 as a joint venture with FRIWO. UMEV has rapidly emerged as a leading manufacturer of cutting-edge EV components, offering best-in-class and innovative solutions such as on-board chargers, off-board chargers, battery management systems, motor control units, and vehicle control units. UMEV has built a strong order book, positioning it for significant growth in the coming years.
India is witnessing a surge in the adoption of electric two-wheelers, with a projected exponential growth in the next five years. This presents a significant opportunity for Uno Minda to capitalize on the expanding e-mobility market. With the acquisition of e-Drive technologies, Uno Minda will strengthen its capabilities and explore new avenues for growth, including potential export opportunities beyond the Indian market.