Minda Corporation forms joint venture with Japanese firm Toyodenso Co for automotive switches; stock down 1%

On the NSE, the stock was trading nearly 1% lower at ₹568.85.

The company today announced a joint venture with Japan-based Toyodenso Co. for advanced automotive switches for the Indian market.

Minda Corporation, in its press release, said that the partnership will provide end-to-end solutions including design, development, manufacturing and marketing of automotive switches for two-wheelers, passenger cars and other automotive segments for the Indian market.

Minda Corporation will have a majority stake in the newly formed venture with an investment in the agreed shareholding ratio of 60:40. The new joint venture has already received orders from customers in India. This greenfield plant will be set up in Noida, Uttar Pradesh, and is expected to commence operations by the second half of FY 2026–27.

This partnership is strategically aligned to cater to the rising demand for advanced switches in the Indian automotive sector and in line with the company's synergistic product portfolio and localisation of new products and technologies for the customers.

Through this partnership, Toyodenso will bring new technologies and advanced engineering capabilities, while Minda Corporation will contribute with its deep expertise in localised manufacturing and robust supply chain ecosystem, etc.

Commenting on the JV, Ashok Minda, Chairman & Group CEO, Minda Corporation Limited, said, “We are very excited and privileged to partner with Toyodenso, a global Japanese company with a rich legacy of technological innovation. This partnership marks a pivotal milestone in our journey to drive smart mobility solutions while fostering indigenous manufacturing by integrating globally recognised technologies into India’s automotive ecosystem.”

Kiyoshi Koide, President, Toyodenso Co., Ltd., stated, “Toyodenso aims to stabilise its business base and will work with SPARK MINDA to develop the Indian market to focus on the manufacturing and sales of automotive parts in India, which is a growing market.”

About Minda Corporation

Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. The company was incorporated in 1985. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The company has a diversified product portfolio that encompasses vehicle access, information and connected systems, electrical distribution systems, die casting, advanced electronics and powertrain products for automotive OEMs.

About Toyodenso Co., Ltd.

Toyodenso Co., Ltd. is a Japanese manufacturer specialising in automotive, motorcycle, and power products, headquartered in Minato-ku, Tokyo. It was founded in 1947.