Lumax Auto Technologies has received approval for investment of up to Rs 5 crore in Lumax FAE Technologies, a subsidiary of the company in the form of Equity/Debt/Optionally Convertible Redeemable Debentures (OCRDs) or Loan.
The company also received approval for investment of Rs 0.475 crore to acquire upto 49% stake in the Equity Share Capital of Clean Max Magnus (the Special Purpose Vehicle ‘SPV’) for being qualified as Captive User in terms of the provisions of Electricity Act, 2003 and Electricity Rules, 2005, for the solar energy to be generated by the power plant of the SPV for Manesar (Haryana) Plant of the Company. The said acquisition is expected to be completed in around 2 months.
The Board of Directors of the company, at their Meeting held on Monday, May 27, 2024, have inter-alia, considered and approved the same.
Lumax Auto Technologies manufactures a wide range of automotive components. The company's products include drive transmission and steering components, body and chassis, and electrical components.
