Indian tier-1 supplier Lumax Auto Technologies have signed an agreement to acquire the remaining 25-per-cent stake in IAC International Automotive India (IAC India) from the International Automotive Components Group.
In March 2023, Lumax had acquired a 75-per-cent stake in IAC India; the plan now is to merge it with Lumax operations. IAC India are a key components supplier to automakers including Mahindra & Mahindra, Maruti Suzuki India, Volkswagen, and Volvo Eicher Commercial Vehicles. IAC India are the sole supplier of integrated cockpits and door panels for Mahindra’s BE6 and XEV 9e, for example.
IAC India have five manufacturing plants across the country including two in Chakan, Pune and one each in Manesar, Nashik, and Bengaluru. The company also have an in-house 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 the company’s global sister concerns.
Lumax Group chair Deepak Jain says, “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”.
And Lumax Auto Technologies Managing Director Anmol Jain says, “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 Group will continue to support IAC India through a technology support agreement.
