Minda Corporation, the flagship company of Spark Minda Group, has announced a strategic partnership with Pune-based component supplier Flash Electronics to further strengthen their role in the electric vehicle segment.

As per the understanding, Minda Corp is set to acquire 49 percent stake in Flash Electronics for a cash consideration of INR 13.72 billion. Flash Electronics is expected to clock INR 15 billion revenue in FY2025, EBITDA margin of 14 percent and ROCE of over 22 percent.

The strategic partnership will see Minda Corporation’s automotive body electronics and Flash’s automotive engine and powertrain electronics complement each other to offer a diverse range of solutions to its customers.

Furthermore, Flash is already a leading supplier of electricals and electronics for two- and three-wheeler segment, along with a diverse range of products such as motors, motor controllers and vehicle control units among others for EV powertrain. Minda Corp on its part has recently introduced a range of products such as DC-DC converters, battery telematics, power electronics products and battery chargers among others. The joining of forces between the two company will see them extend their relationships with automakers to become a complete system integrated supplier.

Ashok Minda, Chairman & Group CEO, Minda Corporation, said, “I have had the privilege of knowing Sanjeev Vasdev for many years, and we together are thrilled to embark on this strategic partnership journey with Flash Electronics. I am confident along with Sanjeev, I will be able to take this partnership to staggering heights. One plus one will be eleven. This partnership fits perfectly, strategically and financially in Minda Corporation’s long-term vision of creating value for customers and shareholders.”

Sanjeev Vasdev, Managing Director, Flash Electronics (India), added, “I am confident that this partnership will catapult both the companies to a different level, the thing I am most excited about is having Ashok by my side and also having the opportunity to interact and work with Aakash. I believe that this partnership will set new benchmark for the industry and create more opportunities for employees for both the companies through technology advancements.”

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Avendus Capital has released a report on the Indian auto component industry, identifying a structural shift in global supply chains. The study projects that India’s automotive metal forming market – comprising casting, forging, stamping, and machining – will grow at a 12 percent CAGR to reach USD 90–95 billion by FY2030.

The report indicates that value within the global automotive supply chain is shifting toward process specialists rather than diversified product suppliers. These specialists rely on metallurgical expertise and precision tooling, creating high entry barriers.

The Indian auto component sector surpassed USD 80 billion in FY2025. India has transitioned to a net exporter, with exports reaching approximately USD 23 billion. Original Equipment Manufacturers (OEMs) and Tier-1 suppliers are diversifying sourcing bases to India due to geopolitical factors and cost competitiveness.

Core metal-forming processes remain essential for both Internal Combustion Engine (ICE) and Electric Vehicle (EV) platforms. As global suppliers reallocate capital toward electrification, the report suggests India holds a ‘last man standing’ advantage in ICE components.

India is positioned to fill the supply gap for critical drivetrain components, including crankshafts, gears and axles. With a global fleet of over 1.5 billion ICE vehicles, the segment also presents substantial opportunities in the aftermarket.

The sector is experiencing a consolidation cycle led by capabilities rather than just scale. Recent deal activity shows increased participation from global private equity firms and strategic acquirers focusing on export-oriented platforms with deep process expertise.

Koushik Bhattacharyya, Managing Director and Head, Industrials Investment Banking, Avendus Capital, stated, “The Indian auto component sector is moving beyond a scale-driven growth phase into a capability-led consolidation cycle. We are seeing a clear shift in value toward process specialists, where deep manufacturing expertise and operational precision are becoming the key differentiators. As global supply chains evolve, India is uniquely positioned to capture this opportunity, particularly in core metal-forming segments. We expect this to translate into sustained deal activity, as investors look to build scaled, capability-led platforms in the sector.”

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French tier 1 automotive supplier Valeo has inaugurated a new manufacturing line for electric powertrain systems at its facility in Lonikand, Pune. The line will produce integrated 3-in-1 e-Axles for Mahindra & Mahindra’s ‘Born Electric’ vehicle platform. The inauguration was attended by R Velusamy, President of Automotive Business at Mahindra and Mahindra and Xavier Dupont, CEO, Valeo Power Division.

The facility produces a 3-in-1 e-Axle system that integrates the electric motor, inverter and reducer into a single unit. This configuration is designed to improve efficiency and reliability while reducing the overall footprint of the powertrain.

The Pune plant's technical capabilities include automated lines for U-Pin or Hairpin winding technologies. Dedicated sections for reducer assembly and inverter production. The facility utilises automation, digital tracing and quality control systems for end-to-end monitoring of the assembly process.

Valeo has operated in India since 1997 and currently maintains six production sites across Chennai, Pune, Sanand, and Gurgaon. The company employs 7,500 people in the country, including an engineering workforce of over 3,750 focused on global research and development.

Xavier Dupont, said, “India is a key region in Valeo’s ‘Elevate 2028’ strategic plan. Our investments in Pune supports our commitment to deeper localization of advanced technologies in India. By localizing the production of our highly integrated 3-in-1 e-Axle systems, we are strengthening our ability to deliver advanced technologies to our customers and contributing to India’s transition towards safer, and more sustainable mobility.”

Jayakumar G, President, Valeo India, added, “The inauguration of this line marks an important milestone in Valeo’s journey in India. Our new e-Axle manufacturing line in Pune is a key step in our growth strategy. It reflects our commitment to bringing advanced technology solutions closer to our customers. We are proud to develop and manufacture this e-Axle for Mahindra’s Born Electric Vehicles and to contribute to the growth of India’s EV ecosystem.“

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Gujarat-based embedded electronics and power systems company Bacancy Systems has closed an INR 400 million Series A funding round led by Sabre Partners and Greenstone Capital, both of whom have acquired minority stakes in the firm.

The company intends to deploy the capital to scale manufacturing infrastructure, accelerate product development and expand into international markets. The funding will also support research and development (R&D) in two primary industrial segments:

Electric Mobility: Development of DC charger controllers and power electronics for EV original equipment manufacturers (OEMs) and charging infrastructure providers.

Railway Electronics: Expansion into Train Control and Management Systems (TCMS), traction converter control systems, and remote monitoring platforms.

Founded in 2021, Bacancy operates at the intersection of hardware, firmware and cloud technologies.

Binal Patel, Founder and CEO, Bacancy Systems, said, “Closing our first fund raise is indeed a defining moment for Bacancy Systems. This milestone validates what we have believed from day one – that deep, purpose-built R&D in Electric mobility, Railways, is not just the future, but an urgent necessity, and local manufacturing of the same under the Make in India initiative is equally essential to empower India and build a reliable supply chain. With over two decades of industry experience, I am more confident than ever that the innovations we are building will define the next generation of India’s industrial backbone. This capital empowers us to push the boundaries of what’s possible in EV infrastructure, Railways, and beyond – and we are just getting started.”

Tanushree Agarwal, Partner, Sabre Partners, added, “Bacancy represents a compelling play on India’s electrification and indigenisation themes. The company has built strong capabilities in power electronics and controller systems, with a clear focus on IP-led product development. We believe Bacancy is well-positioned to benefit from the rapid growth in EV infrastructure and railway modernisation, and we are excited to partner with the management team to support the next phase of growth and scale.”

Paresh Thakker, Managing Partner at Greenstone Capital, stated, “Bacancy’s strong engineering capability and focus on indigenised embedded systems position it well within India’s evolving EV and railway electronics ecosystem. We are pleased to collaborate with the company in driving its upcoming phase of growth and transformation.”

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Samvardhana Motherson International Limited (Motherson) has signed a joint venture agreement with Hellmann Worldwide Logistics (MESA) Holding Limited (Hellmann) to provide integrated supply chain solutions tailored to the global automotive industry. The JV will be incorporated in Dubai and deliver innovative, efficient and sustainable logistics solutions by combining Hellmann’s global logistics network and technology capabilities along with the deep automotive supply chain expertise of Motherson. 
The Dubai-based company will provide access to more than 30,000 global suppliers and trusted OEM relationships. It will also help deliver greater stability, predictability and efficiency across global logistics operations and spending. Both the partners are committed to carbon net-zero targets and will leverage their expertise and technologies to support industry-wide sustainability initiatives. The joint venture will support Motherson’s growing global manufacturing footprint and the broader automotive ecosystem while strengthening Hellmann’s global automotive logistics capabilities.
Arjun Kochhar, Chief Executive Officer, Logistics Solutions Business Division, Motherson Group, said, “Motherson’s Logistics Division focuses on building specialised platforms that support the evolving supply chain needs of the Group, our customers, suppliers and the broader ecosystem, as part of Motherson’s solutions strategy. Our partnership with Hellmann Worldwide Logistics combines Motherson’s integrated industrial capabilities with Hellmann’s extensive network and advanced logistics expertise. Together we aim to deliver more resilient, agile and sustainable logistics networks in an increasingly interconnected and complex global environment.”

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