Uno Minda Acquires Remaining Stake in EV JV for Rs 195 Cr

New Delhi, Feb 14 (PTI) Auto components maker Uno Minda on Friday said its board has approved to acquire 49.9 per cent remaining stake in a joint venture firm from partner FRIWO Geratebau GmbH for Rs 195 crore.

The company will enhance its share in UnoMinda EV Systems from 50.10 per cent to 100 per cent, the company said in a statement.

Uno Minda through its subsidiaries will also acquire the intellectual property rights and R&D assets relating to the e-drive business technologies from FRIWO's locations in Germany and Vietnam, it added.

The company will acquire the additional stake and other assets for around Rs 195 crore and the transaction is expected to be consummated by end of Q1FY26, Uno Minda said.

"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," Uno Minda Group Chairman and Managing Director Nirmal K Minda said.

The company sees immense growth potential in the Indian electric vehicle market, particularly in the two-wheeler segment, and this acquisition will enable it to capitalise on this opportunity and explore new avenues for growth, he added.

Uno Minda and FRIWO set up UMEV in December 2021.