Lumax Auto Technologies Limited (“LATL”), a
leading Tier-1 automotive systems and components supplier, has signed an
agreement to acquire the remaining 25% stake in IAC International
Automotive India Private Limited (“IAC India”) from the International
Automotive Components Group (“IAC Group”). IAC Group will continue to support
IAC India through a technology support agreement.
IAC India is a well-established Tier-1 plastic interior systems and
components supplier to key automotive OEMs in India including Mahindra, Maruti
Suzuki, Volkswagen and Volvo Eicher Commercial Vehicles among others. IAC India
is a leader in the vehicle interior space and the sole supplier of integrated
cockpits and door panels for the recently launched BEV model from Mahindra –
BE6 & XEV 9e. It also has a strong and well established engineering centre
providing advanced design and engineering services to customers in India and
overseas which provides it a competitive advantage.
Mr. Deepak Jain, Chairman, Lumax Group,
said, “The consolidation will strengthen our strategic vision and
enable future growth, building on the strong foundation to drive continuity,
performance, and scalability. This development marks a significant milestone in
our journey towards long-term value creation and providing comprehensive
solutions across lighting, plastics, and interiors. It also reinforces its
strategic position within IAC India and expands our footprint on major Electric
Vehicle platforms of leading OEMs such as Mahindra & Mahindra, emphasising
our commitment to the future of sustainable mobility.”
Mr. Anmol Jain, Managing Director of Lumax Auto Technologies,
added, “This strategic move will further strengthen Lumax Auto
Technologies’ foothold in four-wheeler automotive plastics. This further
integration will allow for better cost optimisation and rationalisation of
resources, potentially creating financial flexibility at the parent level to
pursue future strategic, inorganic opportunities that align with our long-term
vision. In addition, it will accelerate innovation and enhance our value
proposition per vehicle that is seeing a shift towards improved interiors in
passenger vehicles.”
IAC India has five manufacturing plants across the
country including two in Chakan, Pune and one each in Manesar, Nashik and
Bangalore. It also has an in-house state-of-the-art Engineering centre in Pune
with key capabilities in Product Designing and Engineering, Dimensional
Engineering, Product Development, Program Management and Tooling development.
The Engineering centre has a team of 330 engineers and designers with Global
experience catering to all tool development requirements from customers as well
as from its global sister concerns.
The closure of the transaction is subject to completion of customary
conditions precedent and is expected by 31 May 2025. Lumax had earlier acquired
75% stake in IAC India in March 2023. Post the closure of above acquisition,
IAC India will become a Wholly Owned Subsidiary of LATL. LATL will explore the
possibility of merging IAC India with Lumax in accordance with legal and
regulatory requirements to unlock further synergies between the two companies.
KPMG Corporate Finance acted as the exclusive financial advisor for the
transaction. Cyril Amarchand Mangaldas acted as legal advisors to LATL.
New Delhi, 18th May, 2025
