Lumax Auto Technologies has received approval for proposed acquisition of remaining 25% shareholding in IAC International Automotive India (IAC India) from its existing shareholder i.e. IACG Holdings LUX SARL (IAC Lux), subject to completion of customary conditions (Proposed Acquisition) in terms of a share purchase agreement amongst the company, IAC India, IAC Lux and International Automotive Components Group North America Inc. (IAC NA). Presently IAC India is a material Subsidiary of the company and post the proposed acquisition, IAC would become a wholly owned material subsidiary of the company.
Equity value for 25 per cent interest in IAC India is approximately Rs 221 crore. The said acquisition is expected to be completed by May 31, 2025, subject to completion of customary conditions precedent as specified in the Share Purchase Agreement. The Board of Directors of the Company, in its meeting held May 16, 2025, has 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.
