Lumax Auto Technologies to Acquire Remaining Stake in IAC Group’s India Operations
Lumax Auto Technologies Limited (LATL), a leading Tier-1 automotive systems and components supplier, has entered into a definitive agreement to acquire the remaining 25% stake in IAC International Automotive India Private Limited (IAC India) from the International Automotive Components Group (IAC Group). Following this transaction, IAC India will become a wholly-owned subsidiary of LATL. IAC Group will continue to support IAC India through a long-term technology support agreement.
IAC India is a prominent Tier-1 supplier of plastic interior systems and components to major automotive OEMs in India, including Mahindra & Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles. It holds a leadership position in the interior systems segment and is the exclusive supplier of integrated cockpits and door panels for Mahindra’s recently launched BEV models – BE6 and XEV 9e.
The company also operates a world-class engineering center in Pune, delivering advanced design and engineering services to domestic and global clients. This center, staffed by 330 engineers and designers, offers comprehensive capabilities across product design, dimensional engineering, product development, program management, and tooling, enabling IAC India to maintain a competitive edge in the global automotive supply chain.
Mr. Deepak Jain, Chairman of the Lumax Group, commented on the development:
“This consolidation reinforces our strategic vision for long-term growth and value creation. It strengthens our commitment to delivering integrated solutions across lighting, plastics, and interiors. With this acquisition, we deepen our engagement with key OEMs, particularly on next-generation EV platforms, while accelerating our push towards sustainable mobility.”
Mr. Anmol Jain, Managing Director of Lumax Auto Technologies, added:
“This strategic move significantly enhances LATL’s capabilities in the four-wheeler plastics domain. The integration will drive cost optimization, streamline resource utilization, and provide greater financial flexibility for future strategic initiatives. Importantly, it positions us to capitalize on the evolving demand for enhanced vehicle interiors in the passenger car segment.”
IAC India operates five manufacturing facilities across India — two in Chakan (Pune) and one each in Manesar, Nashik, and Bangalore. The company’s in-house engineering center plays a critical role in supporting both domestic and international customers with end-to-end tooling and product development solutions.
The transaction is subject to customary regulatory approvals and is expected to close by May 31, 2025. In March 2023, LATL acquired a 75% stake in IAC India. Upon completion of this acquisition, LATL will consider merging IAC India into its own operations, in accordance with regulatory and legal frameworks, to unlock further synergies.
KPMG Corporate Finance served as the exclusive financial advisor on the transaction, while Cyril Amarchand Mangaldas acted as LATL’s legal counsel.
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