Uno Minda Ltd. (Uno Minda) was a leading manufacturer of automobile components for original equipment manufacturers (OEMs) of vehicles running on an internal combustion engine. The Indian company had a strong relationship with automobile manufacturers and long-standing international partners for joint manufacturing of auto components. The Indian market was rapidly adopting electric vehicles (EVs). In November 2021, Uno Minda was determined to establish itself as a leading manufacturer of components for EVs. The company could develop its expertise by investing in in-house research and development, acquiring a domestic or international EV component manufacturer, or forming a joint venture with a renowned domestic or international player in the EV component space. All three options had their pros and cons. Uno Minda had to choose among these.