Minda Corporation Ltd, the flagship company of the Spark Minda Group, has partnered with Flash Electronics to establish what the company called the fastest-growing electric vehicle (EV) platform in India. The collaboration combines Minda Corp’s expertise in automotive body electronics with Flash Electronics’ specialization in engine and powertrain electronics.
The partnership is intended to expand the product offerings of both companies, leveraging their existing portfolios to create a comprehensive range of EV solutions. Minda Corp has been developing products such as battery chargers, DC-DC converters, and power electronics, while Flash Electronics has focused on electric powertrains, including motors, motor controllers, and vehicle control units. Flash Electronics has also announced plans to introduce electric powertrain solutions for passenger and commercial vehicles in the near future.
As part of the deal, Minda Corporation will acquire a 49% equity stake in Flash Electronics for a cash consideration of Rs 1,372 crore. Flash Electronics, which has reported a compound annual growth rate (CAGR) of over 17% in recent years, might achieve revenues exceeding Rs 1,500 crore in FY 2025. The company maintains an EBITDA margin of approximately 14% and a return on capital employed (ROCE) of over 22%.
The move comes amid a broader push for electrification in the automotive industry, supported by government policies and market demand for cleaner mobility solutions.
Both companies will showcase their combined technology and products at the Bharat Mobility Expo, scheduled to be held in New Delhi from January 18-21, 2025.
Spark Minda is a leading manufacturer of aluminum and zinc die-cast and machined components for both the automotive and non-automotive industries in India.
This is a breaking story. Updates are expected.