Minda Corporation Ltd, the flagship company of the Spark Minda Group, has announced the acquisition of a 49% equity stake in Flash Electronics for ₹1,372 crore in cash. The strategic partnership aims to establish one of India’s fastest-growing electric vehicle (EV) platforms, combining Minda Corp expertise in automotive body electronics with Flash Electronics’ specialization in engine and powertrain electronics. This collaboration will significantly expand the product offerings of both companies in the EV segment.
The partnership is designed to leverage the strengths of both companies to create a comprehensive range of EV solutions. While Minda Corp has been developing battery chargers, DC-DC converters, and power electronics, Flash Electronics focuses on electric powertrain solutions, including motors, motor controllers, and vehicle control units. Flash Electronics has also revealed plans to introduce advanced electric powertrain solutions for passenger and commercial vehicles, reflecting its commitment to innovation and clean energy mobility.
Flash Electronics has demonstrated a strong growth trajectory, with a compound annual growth rate (CAGR) exceeding 17% in recent years. The company is projected to achieve revenues of over ₹1,500 crore in FY 2025, with an EBITDA margin of approximately 14% and a return on capital employed (ROCE) of more than 22%. The acquisition and collaboration highlight Minda Corporation’s strategy to enhance its footprint in the rapidly evolving EV industry, driven by increasing demand for cleaner mobility solutions and government-backed electrification initiatives.
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) Pvt. Ltd. Said about this partnership “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 ji 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.
Both companies will showcase their combined technology and product offerings at the Bharat Mobility Expo, scheduled from January 18 to 21, 2025, in New Delhi. This partnership aligns with the broader push for electrification in the automotive sector, underscoring the importance of local manufacturing and technological innovation. Spark Minda’s leadership in manufacturing aluminum and zinc die-cast components further strengthens the collaboration, setting a strong foundation for future growth in India EV market.
