IAC India supplies plastic interior parts to leading car manufacturers in India, such as Mahindra, Maruti Suzuki, Volkswagen, and Volvo Eicher Commercial Vehicles. It is the exclusive provider of cockpits and door panels for Mahindra’s new BE6 and XEV 9e electric vehicle models.
LATL, part of the Lumax-DK Jain Group, previously acquired a 75% stake in IAC India in March 2023. Once the deal closes by May 31, 2025, pending standard conditions, IAC India will become a fully owned subsidiary of LATL. The company is also considering merging IAC India with itself to improve efficiency, following legal and regulatory guidelines.
IAC India operates five factories in Chakan (Pune), Manesar, Nashik, and Bangalore, and runs an engineering centre in Pune with 330 experts. This centre handles product design, engineering, development, program management, and tool creation for clients in India and abroad.
According to the company, this acquisition will boost LATL’s presence in the automotive plastics sector, especially for electric vehicles with Mahindra. It will also help optimize costs, streamline resources, and create financial room for future growth opportunities.
Deepak Jain, Chairman of Lumax Group, in a company statement, said that the move supports long-term growth and sustainable mobility goals, while Anmol Jain, LATL’s Managing Director, noted that it will drive innovation and enhance vehicle interior quality.
The IAC Group will continue providing technical support to IAC India through a separate agreement. KPMG Corporate Finance advised LATL on the financial aspects, while Cyril Amarchand Mangaldas provided legal guidance.
LATL produces a wide range of products, including vehicle interior systems, air intake systems, two- and three-wheeler lighting, gear shifters, and mechatronics. With 28 plants across India, it serves major clients like Bajaj Auto, Honda Motorcycles, Mahindra, Maruti Suzuki, Tata Motors, and Toyota.