Lumax Auto Technologies has inked a joint venture agreement (JVA) with Ituran Location and Control, for sale of telematics products and services to the Indian automotive industry. The new JV Company will be named ‘Lumax Ituran Telematics’.
According to the agreement, Lumax Auto Technologies will own 50% of the joint venture, with Ituran owning the remaining 50%.
The JV will tap into this large market, which currently has low penetration of advanced telematics technology. The JV will sell Ituran’s telematics products and services, adapted to the Indian automotive industry.
