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Lumax Auto Tech to establish JVC in Japan for the manufacturing and sale of electric devices and components

The company signs a JV agreement with the Alps to establish JVC related to the automotive industry.

July 05, 2021 3:45 IST | India Infoline News Service
Lumax Auto Technologies Limited (LATL) on Friday signed a Joint Venture Agreement with Alps Alpine Co Limited, Japan to establish a joint venture company (JVC) for the manufacturing and sale of electric devices and components including software related to the automotive industry.

LATL will hold 50% of the total equity shares capital of the proposed JVC and Alps will executed; hold 50% total equity share capital of the proposed JVC.

“The JVC shall initially issue equity share to both parties (in agreed equity proportion) at par value, i.e., Rs10/- per equity share,” company said in a filing.

Lumax Auto Technologies Ltd ended at Rs156.30 per piece up by Rs2.35 or 1.53% from its previous closing of Rs153.95 per piece on the BSE.

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