Lumax Auto Technologies acquires a 100% stake in IAC India for ₹221 crores, strengthening its EV component play and marking a key step in its long-term growth strategy.
Lumax Auto Technologies Limited (LATL) has completed the acquisition of the remaining 25% stake in IAC International Automotive India Private Limited (IAC India), making the latter a wholly-owned material subsidiary. The deal, valued at ₹221 crores, was announced through a regulatory filing and marks a significant milestone in Lumax Group's expansion strategy.
The acquisition, finalised on May 22, 2025, follows LATL's initial purchase of a 75% stake in March 2023. With this closure, Lumax consolidates full ownership of IAC India, a prominent Tier-1 supplier of plastic interior systems, to major automotive Original Equipment Manufacturers (OEMs) in India.
Continued collaboration and future growth plans
Although the IAC Group has exited ownership, it will continue supporting IAC India through a technology support agreement. This collaboration ensures continuity and technological advancement, especially as IAC India expands its role in the Electric Vehicle (EV) segment.
The consolidation is designed to strengthen strategic direction and support future growth. It builds on an established foundation to enhance continuity, performance, and scalability. The move aligns with long-term value creation goals and focuses on delivering integrated solutions across core areas such as lighting, plastics, and interiors.
Strong presence in the EV market and engineering capabilities
IAC India is the exclusive supplier of integrated cockpits and door panels for Mahindra's recently launched Battery Electric Vehicle (BEV) models, BE6 and XEV 9e. With five manufacturing plants across Pune (Chakan), Manesar, Nashik, and Bangalore, the company is well-positioned to serve both domestic and global clients.
Its in-house engineering centre in Pune houses 330 engineers and designers offering expertise in product design, development, dimensional engineering, tooling, and programme management.
Potential merger on the horizon
LATL also revealed its intention to explore the merger of IAC India with Lumax Auto Technologies, subject to regulatory approvals. This potential consolidation is aimed at unlocking greater collaboration and enhancing operational efficiency.
The acquisition is expected to close formally by May 31, 2025, pending customary conditions. This strategic move reinforces Lumax's commitment to sustainable mobility and positions it firmly within the rapidly growing EV component space.
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