New Delhi, May 19, 2025 – Lumax Auto Technologies Limited (LATL), a leading Tier-1 automotive systems and components supplier, has entered into an agreement to acquire the remaining 25% stake in IAC International Automotive India Private Limited (IAC India) from International Automotive Components Group (IAC Group). IAC Group will continue to provide technical support to IAC India through a technology assistance agreement.
IAC India is a well-established Tier-1 supplier of plastic interior systems and components to major automotive OEMs in India, including Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles. The company is a key player in vehicle interior systems and is the sole supplier of integrated cockpits and door panels for Mahindra’s newly launched BEV models – BE6 and XEV 9e. In addition, IAC India operates a reputed engineering center that delivers advanced design and engineering services to domestic and international customers, giving it a competitive edge.
Mr. Deepak Jain, Chairman of Lumax Group, stated:
“This consolidation strengthens our strategic vision and propels our future growth. It marks a critical step toward building a solid foundation focused on consistency, performance, and scalability. This development is a significant milestone in our long-term value creation journey and will support us in offering comprehensive solutions in lighting, plastics, and interiors. It will also strengthen our strategic position in IAC India, enabling us to make a meaningful impact on major electric vehicle platforms like those of Mahindra & Mahindra, and underscores our commitment to sustainable mobility.”
Mr. Anmol Jain, Managing Director of Lumax Auto Technologies, said:
“This strategic move will significantly enhance LATL’s presence in the four-wheeler automotive plastics segment. The integration will facilitate cost control and optimal resource allocation, creating financial flexibility at the parent company level for future strategic and untapped opportunities. Furthermore, it will accelerate innovation and increase our per-vehicle value proposition amid the growing emphasis on vehicle interiors.”
IAC India currently operates five manufacturing facilities across India, including two in Chakan (Pune), and one each in Manesar, Nashik, and Bangalore. Its state-of-the-art engineering center in Pune offers capabilities in product design and engineering, dimensional engineering, product development, program management, and tooling development. The center employs a team of 330 experienced engineers and designers who support tooling development needs of both domestic and global customers.
The transaction is subject to customary closing conditions and is expected to be completed by May 31, 2025. Lumax previously acquired a 75% stake in IAC India in March 2023. Upon completion of this transaction, IAC India will become a wholly owned subsidiary of LATL. Subject to legal and regulatory approvals, LATL will explore the possibility of merging IAC India into Lumax to enhance operational synergy between the two entities.
KPMG Corporate Finance acted as the exclusive financial advisor for the transaction, while Cyril Amarchand Mangaldas served as legal counsel to LATL.
