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Lumax Auto Technologies Limited (LATL) announced on Friday that its Board of Directors has approved the acquisition of the remaining 25% stake in IAC International Automotive India Private Limited (IAC India) from IACG Holdings LUX SARL (IAC Lux). This move will make IAC India a wholly owned material subsidiary of LATL.
IAC India is a Tier-1 supplier of interior systems and components to major automotive OEMs in India, including Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles. The company also operates an engineering centre that provides design and engineering services to both domestic and overseas clients.
The acquisition, valued at approximately ₹221 crore, will be made through a cash transaction. LATL already owns a 75% stake in IAC India, which was acquired via its wholly owned subsidiary, Lumax Integrated Ventures Private Limited (now merged with IAC India).
Promoters Deepak Jain and Anmol Jain, along with directors Sanjay Mehta and Arun Kumar Malhotra, are on the board of IAC India, but the transaction is said to be conducted at arm’s length. There will be no changes in the day-to-day operations or management structure of IAC India post-acquisition. IAC Group will continue to provide technology support.
The deal is expected to be completed by May 31, 2025, subject to the fulfilment of customary conditions as outlined in the share purchase agreement.
IAC India reported revenues of ₹468 crore, ₹801 crore, and ₹886 crore for FY 2021-22, FY 2022-23, and FY 2023-24 respectively.
This article first appeared on Autocar
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