Minda Corporation Limited, an automotive component manufacturer, has signed a technology licensing and assistance (TLA) agreement with China’s Sanco Connecting Technology to bring to India high-voltage electric vehicle (EV) connecting systems, including terminals, charging guns and sockets, bus bars, cell contact systems, and power distribution units.
The shares of Minda Corporation Limited were trading at ₹585.30, up by ₹14.90 or 2.61 per cent, on the NSE at 11.44 am.
The deal allows Minda Corp to manufacture and sell these products in India. It plans to set up assembly lines for local production to support the ‘Atmanirbhar Bharat’ initiative, it said, adding that the move will enhance its product portfolio in the growing EV industry.
Aakash Minda, Executive Director of Minda Corp, said, “This partnership signifies our shared commitment to offer innovative and sustainable mobility solution for the growing electric vehicle industry. By offering new-age EV solutions, we will enhance the overall kit value across vehicle segments, with a commitment to achieve successful localisation, delivering greater value for our customers.”
Zhijian Zeng, Chairman of Sanco Connecting Technology (Guangdong) Co, Ltd, said, “This collaboration will significantly boost Sanco’s presence in India’s expanding EV market. By leveraging Minda Corporation’s strong relationships with global automakers and extensive local production and engineering capabilities, we aim to deliver world-class, technology-backed solutions to Indian OEMs.”
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Published on September 4, 2024
https://www.thehindubusinessline.com/markets/stock-markets/minda-corp-inks-ev-tech-deal-with-chinas-sanco/article68604194.ece
