Minda Corporation Bags INR 750 Cr Contract for Battery Chargers for EVs

The flagship firm of Spark Minda, a maker of auto parts, Minda Corporation Ltd, has won a contract worth INR 750 crore from a leading OEM. The contract will require it to produce battery chargers for the electric vehicles for the OEM, the name of which has not been disclosed.

The Executive Director of Minda Corporation, Aakash Minda said, "This prestigious order is a testament to Spark Minda’s robust EV product portfolio and our focus on customer centricity.” He added, “This milestone underlines our commitment towards promoting sustainable mobility and our ability to adapt to the evolving demands of the global automotive industry.”

The product awarded to Spark Minda will be manufactured at Spark Minda Green Mobility Systems Private Limited facility in Pune.

The US $539 Million Minda Group, caters to the needs of all major passenger vehicles, commercial vehicles, motorcycles and scooters, off-road vehicles and Tier 1 Manufacturers in India and overseas with presence in Germany, Poland, Czech Republic, Mexico, China, Indonesia, Vietnam, Uzbekistan and Japan.

In Q2FY23, Minda Corporation reported a robust growth in sales of electric vehicles, with its net profit rising to INR 52 crore.