Lumax Auto Technologies has signed an agreement to acquire the remaining 25% stake in IAC International Automotive India (IAC India) from the International Automotive Components Group (IAC Group). IAC Group will continue to support IAC India through a technology support agreement.
IAC India is a well-established Tier-1 plastic interior systems and components supplier to key automotive OEMs in India including Mahindra, Maruti Suzuki, Volkswagen and Volvo Eicher Commercial Vehicles among others. IAC India is a leader in the vehicle interior space and the sole supplier of integrated cockpits and door panels for the recently launched BEV model from Mahindra – BE6 & XEV 9e. It also has a strong and well established engineering centre providing advanced design and engineering services to customers in India and overseas which provides it a competitive advantage.