Lumax Auto Technologies Limited completed the acquisition of remaining 85.69% stake in Lumax Ancillary Ltd from Dhanesh Kumar Jain, Deepak Jain and Anmol Jain and others.
January 24, 2024
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Lumax Auto Technologies Limited (NSEI:LUMAXTECH) agreed to acquire remaining 85.69% stake in Lumax Ancillary Ltd from Dhanesh Kumar Jain, Deepak Jain and Anmol Jain and others for approximately INR 490 million on December 26, 2023. Lumax Ancillary reported turnover of INR 1,714,777,000 in FY 2022-23. Board of Lumax Auto Technologies approved the transaction on December 26, 2023. The transaction is expected to be completed by January 2024.
Lumax Auto Technologies Limited (NSEI:LUMAXTECH) completed the acquisition of remaining 85.69% stake in Lumax Ancillary Ltd from Dhanesh Kumar Jain, Deepak Jain and Anmol Jain and others on January 25, 2024. Accordingly, Lumax Ancillary has become a wholly owned subsidiary of Lumax Auto Technologies with effect from January 25, 2024.
Lumax Auto Technologies Limited is an India-based manufacturer and supplier of automotive molded and fabricated parts, emission and transmission systems for the automotive industry. The Company specializes in designing, testing and manufacturing of gear shifters and interior solutions. The Company has a diversified product portfolio, which comprises integrated plastic modules, two-wheeler chassis, two- and three-wheeler lighting, gear shifters, transmission products, emission systems, seat structures, telematics products and services, oxygen sensors, and on-board antennas, electric devices and components, and aftermarket solutions. This portfolio further encompasses vehicle interior systems and components. The Company has approximately 23 manufacturing plants across India. Its subsidiaries include Lumax Mannoh Allied Technologies Limited, Lumax Comaglia Auto Technologies Private Limited, Lumax Management Services Private Limited and Lumax FAE Technologies Private Limited.
Lumax Auto Technologies Limited completed the acquisition of remaining 85.69% stake in Lumax Ancillary Ltd from Dhanesh Kumar Jain, Deepak Jain and Anmol Jain and others.