| The Board of Lumax Auto Technologies at its meeting held on 18 February 2023 has approved the proposed acquisition by the Company (through a wholly owned subsidiary) of majority shareholding in IAC International Automotive India (IAC India) from its existing shareholder i.e. IACNA Mauritius (IAC Mauritius), subject to completion of customary conditions (Proposed Acquisition) in terms of a share purchase agreement amongst the Company, IAC India and IAC Mauritius (Share Purchase Agreement).
The partnership 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. 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.
Lumax and IAC will work as strategic partners and leverage their respective competitive strengths to drive IAC India's business forward in the coming years 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 which has successfully delivered strong and consistent results over the last decade.
The cost of acquisition is Rs 587 crore. |