Lumax Auto Technologies Set to Own 100% of IAC India
- Lumax Auto Technologies to acquire remaining 25% stake in IAC India
- IAC India to become wholly-owned Lumax subsidiary
- Expansion strengthens Lumax’s EV platform presence
Lumax Auto Technologies Ltd (LATL) has announced its plan to acquire the remaining 25% stake in IAC International Automotive India Pvt Ltd from the International Automotive Components Group for approximately Rs 221 crore. This move follows Lumax’s earlier acquisition of a 75% stake in IAC India in March 2023.
According to a regulatory filing by Lumax, the transaction is expected to be completed by May 31, 2025, subject to customary conditions precedent. Upon completion, IAC India will become a wholly-owned subsidiary of Lumax Auto Technologies. The company has also revealed intentions to explore merging IAC India with Lumax to unlock synergies and strengthen its operational framework, adhering to relevant legal and regulatory guidelines.
Deepak Jain, Chairman of the Lumax Group, described the acquisition as a 'significant milestone' for the group’s long-term value creation strategy. He highlighted that the consolidation would reinforce Lumax’s strategic vision, boost performance, and enhance scalability. Jain also emphasized that the acquisition strengthens Lumax’s position in IAC India and expands its footprint on major electric vehicle platforms of leading Original Equipment Manufacturers (OEMs) such as Mahindra & Mahindra, underscoring the company’s commitment to sustainable mobility.
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IAC India operates five manufacturing plants across key locations in India, including two in Chakan (Pune), and one each in Manesar, Nashik, and Bangalore. The company also houses an in-house engineering centre in Pune, staffed by 330 engineers and designers with global experience. This centre specializes in product designing and engineering, dimensional engineering, product development, program management, and tooling development. It serves the requirements of customers as well as global sister concerns within the IAC Group.
The acquisition marks a strategic expansion for Lumax, enabling it to provide comprehensive solutions across lighting, plastics, and interiors for the automotive industry, particularly in the growing electric vehicle sector.
