Lumax Boosts Stake in IAC India, Targets Enhanced Mobility Solutions

Lumax Auto Technologies Ltd announced its decision to acquire the remaining 25% stake in IAC International Automotive India Pvt Ltd, for a transaction value of Rs 221 crore. With this acquisition, Lumax will soon transform IAC India into a wholly-owned subsidiary, pending necessary approvals by May 31, 2025.

This strategic move, which follows Lumax's previous acquisition of a 75% stake in March, seeks to unlock synergies and further consolidate its position in the automotive sector. The company's Chairman, Deepak Jain, emphasized the importance of this development in strengthening Lumax's strategic vision, promoting continuity and scalability in the business.

Jain also highlighted the deal's role in expanding Lumax's reach on major electric vehicle platforms of leading OEMs like Mahindra & Mahindra, underscoring a firm commitment to sustainable mobility solutions. IAC India supports its operations with five manufacturing plants and an engineering center, employing 330 experts in Pune.

(With inputs from agencies.)