Lumax Auto Technologies Limited to make IAC India a wholly-owned subsidiary

Lumax Auto Technologies Limited (LATL), a leading Tier-1 automotive systems and components supplier, has announced 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). This move will result in IAC India becoming a wholly-owned subsidiary of LATL. The transaction is expected to close by May 31, 2025, subject to customary regulatory approvals.

Following the acquisition, IAC Group will continue to support IAC India through a technology support agreement, ensuring continuity in advanced solutions and innovation.

IAC India is a well-established supplier of plastic interior systems and components, serving key automotive OEMs in India including Mahindra & Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles. The company plays a crucial role in the vehicle interior segment and is the exclusive supplier of integrated cockpits and door panels for Mahindra’s newly launched battery electric vehicle models, BE6 and XEV 9e.

The company also operates a robust engineering center in Pune, offering advanced design and engineering services to both domestic and international clients. With a team of 330 skilled engineers and designers, IAC India maintains a strong competitive edge in product development, tooling, and dimensional engineering.

IAC India’s manufacturing operations span five facilities located in Chakan (Pune), Manesar, Nashik, and Bangalore, further enhancing its production capacity and supply chain efficiency.

Mr. Deepak Jain, Chairman, Lumax Group, commented “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, 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.”

Following completion of the transaction, LATL may explore merging IAC India with its operations to unlock further synergies and streamline its portfolio, subject to applicable legal and regulatory guidelines.

KPMG Corporate Finance acted as the exclusive financial advisor for the deal, while legal counsel was provided by Cyril Amarchand Mangaldas.