Lumax Auto Technologies to acquire a majority stake in IAC International Automotive India from International Automotive Components Group.

Lumax Auto Technologies, a company engaged in manufacturing of automotive parts like sheet metal parts, fabricated assemblies, and tubular parts for two- and three-wheeler industries and commercial vehicles, completed the acquisition of a majority stake in IAC International Automotive India, a manufacturer of automotive components, from International Automotive Components Group. Financial terms were not disclosed. “This is a marquee milestone in our long-term growth goals of strategic partnerships with global industry leaders. With our group’s existing expertise in automotive lighting and plastics, it provides the opportunity to combine competitive strengths across automotive lighting, plastics and interiors to provide complete solutions to our customers. We are excited with the opportunity to partner with IAC and work together with the team at IAC India with the overall vision of stability, continuity and growth in the coming years," Deepak Jain, Lumax Chairman.