Uno Minda, an auto component manufacturer, on Wednesday said it would set up a new greenfield plant to manufacture high-voltage category powertrain products for four-wheeler passenger and commercial electric vehicles with a total investment of Rs 423 crore. The company, which is evaluating the location for the plant, will focus on developing and manufacturing high-voltage components for four-wheeler electric vehicles, including combined charging units, e-axles, inverters, and motors. The project will initially be executed through Uno Minda's wholly-owned subsidiary, Uno Minda Auto Innovations. Later, subject to necessary regulatory approvals, this entity will be converted into a joint venture company with Suzhou Inovance Automotive Co. As per the plan, Uno Minda will invest Rs 114 crores in the joint venture company's equity capital, representing a 70 per cent stake. This investment will be made over the next three years. Initially, Uno Minda will hold 100 per cent equity in the joint venture until Suzhou Inovance Automotive Co obtains necessary regulatory approvals, after which the Chinese partner will acquire a 30 per cent equity stake. The greenfield plant with an installed capacity to produce 203,043 units per year is scheduled to go onstream in the second quarter of the financial year 2026-27. The full capacity is expected to be achieved within three years of commencing operations. The joint venture will operate through Uno Minda Auto Innovations Private Limited, a wholly-owned subsidiary of Uno Minda that was incorporated on April 5, 2023. The financing for the project will come through a combination of equity and term loans.