Minda Corporation Limited has issued and allotted Commercial Paper aggregating to INR 200 crores, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company made this disclosure on May 06, 2026, informing the stock exchanges of the key details of the issuance.

Commercial Paper Issuance Details

The Commercial Paper has been listed on the National Stock Exchange of India Limited on May 06, 2026. The following table summarises the key terms of the issuance:

Regulatory Disclosure

The intimation was submitted to both the National Stock Exchange of India Limited and BSE Limited in compliance with the applicable SEBI listing regulations. The disclosure was signed by Pradeep Mann, Company Secretary of Minda Corporation Limited, on May 06, 2026.

Minda Corporation Limited has officially incorporated its joint venture entity 'Spark Minda Turntide Private Limited' on April 11, 2026, marking a significant step in the company's expansion into India's electric vehicle powertrain market. The incorporation was completed under the provisions of the Companies Act, 2013, following the joint venture agreement signed on March 9, 2026.

Joint Venture Structure and Shareholding

The partnership involves Spark Minda Green Mobility Systems Private Limited (SMGM), a wholly owned subsidiary of Minda Corporation Limited, and Turntide Drives Limited, United Kingdom. The shareholding structure reflects Turntide's majority control with strategic Indian manufacturing capabilities.

Product Portfolio and Market Focus

The joint venture will concentrate on developing and manufacturing advanced powertrain solutions specifically tailored for India's expanding electric vehicle segment. The product range encompasses multiple critical components for EV applications.

Key Products:

• Advanced new generation motor controllers
• Axial flux motors
• Pumps for thermal applications
• Customized controllers for EV applications

Governance and Operational Framework

The joint venture incorporates specific governance structures and operational restrictions designed to ensure balanced control and technology transfer. The board composition reflects the shareholding arrangement while maintaining strategic oversight.

Strategic Objectives and Market Positioning

According to the press release, this partnership aims to leverage Turntide's globally proven technology with Minda Corporation's strong local presence in the Indian automotive market. The venture supports India's transition to sustainable mobility while meeting 'Make in India' objectives and enhancing the domestic EV supply chain resilience.

Mr. Ashok Minda, Chairman and Group CEO of Minda Corporation Limited, emphasized that the partnership marks a significant milestone in the company's electrification journey. The collaboration is designed to deliver advanced, high-quality, and cost-competitive EV powertrain solutions for India's rapidly evolving mobility ecosystem.

Regulatory Compliance and Documentation

The incorporation follows proper regulatory disclosure procedures under SEBI Listing Regulations. Minda Corporation has maintained transparency by providing detailed information about the joint venture structure, shareholding arrangements, and operational framework to stock exchanges and stakeholders through formal intimations dated March 9, 2026, and April 13, 2026.