Uno Minda Takes Full Control of EV Joint Venture in Rs 1.95 Bn

17 Feb 2025 CW Team

Auto components major strengthens electric vehicle portfolio by acquiring FRIWO's stake in UMEV joint venture, along with German firm's e-drive technologies and R&D capabilities. Uno Minda Limited announced today its plans to acquire complete ownership of its electric vehicle joint venture by purchasing the remaining 49.9% stake from German partner FRIWO Geratebau GmbH. The Rs 1.95 billion transaction includes the acquisition of FRIWO's stake in UnoMinda EV Systems Pvt Ltd (UMEV), as well as intellectual property rights, know-how, and R&D capabilities related to e-drive technologies from FRIWO's facilities in Germany and Vietnam. The deal is expected to conclude by the end of Q1 FY26. UMEV, established in December 2021, has developed a portfolio of electric vehicle components including on-board and off-board chargers, battery management systems, and motor and vehicle control units. The company currently holds a substantial order book in the growing Indian electric two-wheeler market. The strategic move comes as India's electric two-wheeler market is projected to see significant growth over the next five years. The acquisition will also enable Uno Minda to explore export opportunities beyond the domestic market. Upon completion of the deal, UMEV will become a wholly-owned subsidiary of Uno Minda Limited, marking the end of the joint venture partnership that began in 2021. The integration of FRIWO's technology and R&D capabilities is expected to strengthen UMEV's product development and manufacturing capabilities in the electric vehicle systems space.

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