Lumax Auto Technologies (LATL), a manufacturer of auto components, will acquire the remaining 25 percent stake in IAC International Automotive India from the International Automotive Components Group for INR 2.21 billion. The transaction is expected to close by 31 May 2025, following which IAC India will become a wholly owned subsidiary of LATL.
LATL had previously acquired a 75 percent stake in IAC India in March 2023. Post-acquisition, the IAC Group will continue to provide technology support under an existing technical assistance agreement. LATL is also considering a merger of IAC India with itself, subject to regulatory and legal approvals, to explore operational synergies.
IAC India supplies plastic interior systems and components to automotive manufacturers such as Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles. It is the exclusive supplier of integrated cockpits and door panels for Mahindra’s battery electric vehicle models BE6 and XEV 9e. The company operates five manufacturing facilities located in Chakan, Manesar, Nashik, and Bangalore, and has an engineering centre in Pune with over 330 engineers and designers supporting domestic and international programmes.
The acquisition fits into the company’s broader strategy to scale its capabilities across lighting, plastics, and interiors, while also expanding its presence on electric vehicle platforms, according to Deepak Jain, Chairman of LATL. The full integration would support cost optimisation and create financial flexibility for future acquisitions, according to Anmol Jain, Managing Director of LATL.
KPMG Corporate Finance advised LATL on the financial aspects of the deal, while legal advisory was provided by Cyril Amarchand Mangaldas.
Lumax Auto Technologies, part of the Lumax-DK Jain Group, manufactures automotive components including advanced plastics, gear shifters, mechatronics, and lighting systems. The company operates 28 manufacturing plants across India and supplies components to clients such as Bajaj Auto, Honda, Mahindra & Mahindra, Maruti Suzuki, Tata Motors, and Toyota.