Lumax Auto to Acquire Remaining 25% Stake in IAC International

Mumbai, 19 May 2025 — Lumax Auto Technologies Limited (LATL), a prominent name in the Indian automotive components industry, has announced a definitive agreement to acquire the remaining 25% stake in IAC International Automotive India Pvt. Ltd. (IAC India) from its joint venture partner, the International Automotive Components Group (IAC Group). This move will give LATL complete ownership of IAC India and further strengthen its position in the fast-evolving electric vehicle (EV) segment and premium interior solutions space.

The acquisition is expected to be completed by 31 May 2025, subject to customary closing conditions. LATL had initially acquired a 75% stake in IAC India in March 2023. With full ownership, the company is now also considering the possibility of merging IAC India into its operations, aiming to drive efficiency and unlock synergies across functions.

Despite the ownership change, the IAC Group will continue to support IAC India through a technology support agreement, ensuring sustained technical expertise and innovation.

IAC India supplies advanced plastic interior systems to several leading automotive manufacturers, including Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles. Notably, it serves as the exclusive supplier of integrated cockpits and door panels for Mahindra’s latest electric vehicle models—BE6 and XEV 9e.

Commenting on the acquisition, Deepak Jain, Chairman of the Lumax Group, said, “This consolidation sharpens our strategic focus and builds scale across key verticals such as lighting, plastics, and interior systems. It aligns closely with our commitment to sustainable mobility and strengthens our readiness for next-generation EV platforms.”

Anmol Jain, Managing Director of LATL, echoed the sentiment, stating, “With full integration, we aim to optimise resources, enhance operational efficiency, and deepen our presence in the growing four-wheeler plastics segment. This move significantly elevates our value proposition, particularly in the domain of premiumised vehicle interiors.”

IAC India has a well-established footprint across the country, with five manufacturing plants located in Chakan (Pune), Manesar, Nashik, and Bangalore. The company also operates a world-class engineering and design centre in Pune, staffed by more than 330 engineers and designers. The centre plays a vital role in end-to-end product development, engineering, program management, and tool creation for both domestic and global clients.

The acquisition is expected to not only enhance LATL’s capabilities in the automotive plastics sector but also create additional financial and operational headroom for future growth. As the automotive industry continues to transition toward electric mobility and advanced in-cabin experiences, LATL’s move positions it as a stronger and more agile player.

Financial advisory for the transaction was provided by KPMG Corporate Finance, while legal counsel was led by Cyril Amarchand Mangaldas.

Lumax Auto Technologies, part of the Lumax-DK Jain Group, has a diverse product portfolio that includes vehicle interior systems, air intake systems, lighting for two- and three-wheelers, gear shifters, and mechatronic components. With a network of 28 plants across India, the company serves a wide base of clients, including Bajaj Auto, Honda Motorcycles, Mahindra, Maruti Suzuki, Tata Motors, and Toyota.

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