Mumbai, Dec. 1 -- The board has cleared the acquisition of Buehler Motor GmbH's entire 49.9% stake in Uno Minda Buehler Motor for Rs 10.64 lakh, converting the joint venture into a wholly owned subsidiary. The entity manufactures traction motors for electric two- and three-wheelers.

With the buyout, the existing joint venture agreement between the two companies will be terminated. Uno Minda said the subsidiary will enter into an amended technical licence agreement with Buehler, and the company does not expect any material impact on operations following the JV's dissolution.

The board has also approved an investment of up to Rs 40 crore in UnoMinda EV Systems, its wholly owned subsidiary that manufactures EV-specific components. The fund...