Shares of Minda Corporation Ltd. are trading flat after reaching a day’s high of Rs 588.95 on 4th September. This follows the company’s announcement of a technology licensing agreement with China’s Sanco Connecting Technology, a leader in electric vehicle (EV) connection systems.

This agreement will expand the company’s product portfolio in the growing EV industry, focusing on Electrical Distribution Systems (EDS), according to a regulatory filing.

Both companies will jointly develop EV connecting systems, charging gun assemblies with sockets and accessories, bus bars, cell contact systems, Power Distribution Units (PDU), and Battery Distribution Units (BDU) under this agreement.

The partnership will help Minda Corporation design, develop, and manufacture advanced EDS solutions locally for EV customers in India.

It will also enhance Minda Corporation’s Wiring Harness Division’s vertical integration, boosting its role in the EV supply chain ecosystem.

The company’s products serve a range of vehicles, including 2/3-wheelers, passenger vehicles, commercial vehicles, off-roaders, and the aftermarket, catering to both Indian and global OEMs and Tier-1 customers.

The stock has surged around 52% year-to-date. The company’s market capitalisation rose to Rs 13,671 crore.

At 2:25 PM, the shares of Minda Corp were trading 0.31% higher at Rs 572.15 on NSE.

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