Lumax Auto Technologies Limited (“LATL”), a leading Tier-1 automotive systems and components supplier, has signed an agreement with the International Automotive Components Group to acquire a majority stake in IAC International Automotive India Private Limited (“IAC India”) (“IAC Group”). The IAC Group is a global leader in the manufacture of powertrain-independent automotive interior and exterior systems and components such as instrument panels, cockpits and consoles, door and trim systems, headliner and overhead systems, and other interior and exterior components. With global revenues in excess of USD 3 billion, the IAC Group is a strategic supplier to the world’s leading automotive OEMs, operating 45 manufacturing facilities in 17 countries.
Lumax and IAC will collaborate as strategic partners to drive IAC India’s business forward in the coming years, leveraging their respective competitive strengths and working to unlock potential synergies across products, customers, technology, and manufacturing excellence. The day-to-day operations and business of IAC India will be managed by its existing professional management team, which has successfully delivered strong and consistent results over the last decade. “This strategic partnership will enable us to expand our existing business in four wheeler automotive plastics and serve our customers with a broader product range,” Lumax said.
As the interior systems industry shifts towards higher value-added and niche content, we will look to leverage this platform to provide industry-leading solutions to our customers and increase our kit value per vehicle. Our goal, in collaboration with IAC, will be to take this business to the next level by leveraging synergies across products, customers, technologies, and manufacturing excellence.”
According to Mr. David Prystash, Chief Executive Officer of the IAC Group, “We are extremely pleased to join forces with the Lumax group and believe that by working together, the IAC India business will be propelled forward in the coming years. This collaboration will provide us with numerous opportunities to expand our business in India while continuing to provide high-quality solutions to our customers. It also gives industry leaders in lighting and interior systems the opportunity to offer integrated solutions to meet the rapidly evolving technological advancements in the automotive sector.”