New Delhi, 18th May, 2025: After acquiring a 75% stake in IAC India in March 2023, Lumax Auto Technologies Limited (LATL), a leading supplier of automotive systems and components, intends to expand its presence in the electric vehicle components sector by acquiring the remaining 25% stake from the International Automotive Components Group (IAC Group).
Following the completion of the aforementioned acquisition, IAC India will be a wholly owned subsidiary of LATL. LATL intends to investigate the possibility of merging IAC India and Lumax, subject to legal and regulatory requirements, to realise additional synergies between the two entities.
IAC India, the sole supplier of integrated cockpits and door panels for Mahindra’s latest battery electric vehicle (BEV) models, the BE6 and XEV 9e, also provides plastic interior systems and components to other prominent Indian automotive OEMs such as Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles.
In remarks about the acquisition, Deepak Jain, Chairman of Lumax Group, stated that the new phase following IAC’s acquisition is focused on long-term value creation and delivering comprehensive solutions across lighting, plastics, and interiors. He continued, “This also strengthens our strategic position within IAC India and broadens our presence on major electric vehicle platforms of leading OEMs such as Mahindra & Mahindra, underscoring our commitment to the future of sustainable mobility.”
Lumax Auto Technologies’ Managing Director, Anmol Jain, stated that IAC’s acquisition will significantly strengthen the company’s position in the four-wheeler automotive plastics sector.
According to Jain, this will ‘accelerate innovation and improve our value proposition per vehicle, as we transition to enhanced interiors in passenger vehicles.’
IAC India operates five manufacturing facilities across the country, two in Chakan, Pune, and one each in Manesar, Nashik, and Bangalore.
It also has a cutting-edge engineering centre in Pune, which specialises in product design and engineering, dimensional engineering, product development, programme management, and tooling development. The Engineering centre employs 330 engineers and designers with global experience to meet all tool development needs from clients and international sister companies.
KPMG Corporate Finance acted as the exclusive financial advisor for the transaction. Cyril Amarchand Mangaldas acted as legal advisors to LATL.
