Lumax Auto Technologies Limited announced it has acquired majority stake in IAC International Automotive India Private Limited (IAC India), a wholly owned subsidiary of IAC Mauritius.
According to the company’s exchange filing, “This is to intimate you that the Board of Directors of the Company, in its meeting held today i.e. February 18, 2023, has considered and approved the proposed acquisition by the Company (through a wholly owned subsidiary) of majority shareholding in IAC International Automotive India Private Limited (“IAC India”) from its existing shareholder i.e. IACNA Mauritius Limited (“IAC Mauritius”), subject to completion of customary conditions (“Proposed Acquisition”) in terms of a share purchase agreement amongst the Company, IAC India and IAC Mauritius (“Share Purchase Agreement”).”
IAC India was incorporated on March 11, 2008 in the state of Maharashtra. IAC India is a well-established Tier-1 interior systems and components supplier to key automotive OEMs in India including Mahindra, Maruti Suzuki, Volkswagen and Volvo Eicher Commercial Vehicles among others. It also has a strong and well-established engineering center providing advanced design and engineering services to customers in India and overseas which provides it a competitive advantage, the statement said.
“Lumax and IAC will work as strategic partners and leverage their respective competitive strengths to drive IAC India’s business forward in the coming years and work towards unlocking potential synergies across products, customers, technology and manufacturing excellence,” the statement said.
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