Lumax Auto Technologies Limited has informed the Exchange regarding a press release dated May 18, 2025, titled "Lumax Auto Technologies Limited to acquire remaining stake in IAC Group s India Business".
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Lumax Auto Technologies Limited (LATL) has signed an agreement to buy the remaining 25% stake in IAC International Automotive India Private Limited from the IAC Group. LATL already held 75% (bought in March 2023), so after this deal closes, IAC India will become a 100% wholly owned subsidiary of LATL. IAC India is a Tier-1 plastic interior systems supplier serving Mahindra, Maruti Suzuki, Volkswagen and Volvo Eicher, and is the sole supplier of integrated cockpits and door panels for Mahindra's recently launched BE6 and XEV 9e electric SUVs. It operates 5 manufacturing plants across India (Chakan-Pune x2, Manesar, Nashik, Bangalore) and a Pune-based engineering centre with 330 engineers. The deal is expected to close by 31 May 2025, and LATL may later merge IAC India into itself to unlock further synergies. KPMG was the financial advisor and Cyril Amarchand Mangaldas was the legal advisor for the transaction.
Full ownership gives LATL complete control over IAC India's interior systems business and its high-growth EV platform exposure, potentially improving margins through cost optimisation. The stock could see a positive reaction given the strategic consolidation, though investors should watch for details on the acquisition price and any debt taken to fund the deal.