Mumbai, March 10 -- Minda Corporation, the flagship of Spark Minda, has signed a strategic joint venture agreement with Turntide Technologies to develop and manufacture powertrain solutions for electric and hybrid vehicles in India.

Under the terms of the agreement, which is subject to regulatory approval, Turntide will hold a 51 percent stake in the venture, while Minda Corporation will hold 49 percent through a wholly owned special purpose vehicle (SPV).

The joint venture company will focus on the development of several components for the Indian EV segment including high-voltage and high-performance electric motors; high and low-voltage motor controllers and customised units. Pumps for thermal applications in electric vehicles.

The p...