Minda Corporation said that it has signed a technology licensing agreement with China-based Sanco Connecting Technology, a leader in electric vehicle (EV) connection systems.
"This agreement will enhance the product portfolio offering of Minda Corporation in the growing EV industry in the areas of electrical distribution systems (EDS), the company stated.
Under this agreement, Minda Corp & Sanco will locally develop EV connecting systems, charging gun assemblies with sockets and accessories, bus bars, cell contact systems, power distribution units (PDU) and battery distribution units (BDU).
The partnership would help Minda Corp to design, develop and manufacture advanced EDS solutions locally for the EV customers in India. This will also strengthen the vertical integration capabilities of the companys wiring harness division, reinforcing its position as a key player in the EV Supply chain ecosystem.
Aakash Minda, Executive Director said, We are excited to partner with SANCO, a collaboration that marks a significant milestone in our pursuit to deliver comprehensive and customised Electrical Distribution System (EDS) solutions to the EV market.
This partnership signifies our shared commitment to offer innovative & sustainable mobility solution for the growing Electric Vehicle industry.
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By offering new age EV solutions, we will enhance the overall kit value across vehicle segments, with a commitment to achieve successful localization, delivering greater value for our customers.
Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan India presence and significant international footprint. It is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers.
The company had reported 42% rise in consolidated net profit to Rs 64.20 crore on a 10.97% increase in sales to Rs 1,192.39 crore in Q1 FY25 as compared with Q1 FY24.
The scrip rose 0.54% to currently trade at Rs 573.95 on the BSE.
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