Lumax Auto Technologies Limited has informed the Exchange about approval of the proposed acquisition of remaining 25% shareholding in IAC International Automotive India Private Limited from its existing shareholder i.e. IACG Holdings LUX SARL.
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Lumax Auto Technologies' board has approved the acquisition of the remaining 25% shareholding in IAC International Automotive India Private Limited (IAC India) from IACG Holdings LUX SARL for approximately INR 221 crores in cash. IAC India is already a 75% material subsidiary and will become a wholly owned subsidiary after the deal. IAC India is a Tier-1 automotive interior systems supplier with revenue of INR 886 crores in FY24, INR 801 crores in FY23, and INR 468 crores in FY22, serving clients like Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher. The acquisition is expected to close by May 31, 2025, with the transaction done at arm's length despite some promoter and director overlap.
This acquisition gives Lumax full control over a high-revenue material subsidiary, consolidating earnings and simplifying the group structure. Investors may view this positively as it removes minority interests and aligns with the company's core auto-components business, though the INR 221 crore cash outflow is a consideration.