Lumax Auto Technologies Limited an automotive systems and components supplier, has signed an agreement to acquire majority stake in IAC International Automotive India Private Limited from the International Automotive Components Group.
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
Lumax and IAC will work as strategic partners and leverage their respective competitive strengths to drive IAC India’s business forward and work towards unlocking potential synergies across products, customers, technology and manufacturing excellence. IAC India’s day to day business and operations will continue to be managed by its existing professional management team.
Mr. Deepak Jain, Chairman of Lumax said, “This is a marquee milestone in our long-term growth strategy of strategic partnerships with global industry leaders. With the group’s existing expertise in automotive lighting and plastics, it provides the opportunity to combine our competitive strengths across automotive lighting, plastics and interiors to provide complete solutions to our customers. We are excited with the opportunity to partner with IAC and work together with the team at IAC India with the overall vision of stability, continuity and growth in the coming years”
Mr. Anmol Jain, Managing Director of Lumax said, “This strategic partnership will help us expand our existing business in four wheeler automotive plastics and serve our customers with a wider product range. As the sector moves towards higher value-added and niche content in interior systems, we will look to leverage this platform to deliver industry leading solutions to our customers and enhance our kit value per vehicle. Together with IAC, our goal will be to take this business to the next level by unlocking synergies across products, customers, technologies and manufacturing excellence”
Mr. David Prystash, Chief Executive Officer of the IAC Group said, “We are extremely delighted to join hands with the Lumax group and believe that together with Lumax, the IAC India business can be propelled upwards in the coming years. This partnership will offer immense opportunity to expand our business in India and continue to deliver quality solutions to our customers. It also offers the opportunity for industry leaders in lighting and interior systems to offer integrated solutions to meet the rapidly evolving technological advancements in the automotive sector”
Mr. Sunil Koparkar, Managing Director of IAC India said, “This partnership will provide us the platform to combine world-class technology and engineering capabilities, complimentary products, customer relationships, manufacturing excellence and a strong independent professional team to take the business to the next level in the coming years”