Lumax has signed a new joint venture as well as a new MoU for vehicle electronics along with extending its existing partnership with Stanley Electric at Auto Expo 2020
At the Auto Expo 2020, Lumax Auto Technologies Ltd, a part of Lumax DK Jain group, announced its a multi-pronged approach to expand horizons in the Indian automotive industry. The company signed a Memorandum of Understanding (MoU) with Ananda Drive Techniques Co. Ltd., China for manufacturing and sale of various powertrain products including motors and controllers for a wide range of electric vehicles. The partnership will focus on self-reliance in technology, localisation and to establish a state-of-art manufacturing facility. Ananda brings its technological expertise in the field of manufacturing EV motors and controllers and Lumax will offer its pan India footprint as well as its strong relationship base with OEMs.
Lumax Auto Technologies also announced its joint venture with YOKOWO Co. Ltd., Japan to manufacture and supply on-board antennas and other vehicle communication products to the Indian automotive industry. The new entity will be named as Lumax Yokowo Technologies Pvt Ltd and will have an equally split share among the two partners. Yokowo is a specialist in electronics components and advanced devices for wireless communication and information transmission and Lumax will provide its pan India network with OEMs and over three decades of rich experience towards the management of partnerships in India. The focus of JV is towards self-reliance in technology & establish a state-of-the-art manufacturing operations in India. The manufacturing of the vehicle communication devices will commence from 2021.
Lumax Industries Ltd, also a part DK Jain group, too announced the extension of its existing joint venture (JV) business with Stanley Electric for the complete range of electronic parts & components. Starting with the production of Printed Circuit Board (PCB), the JV will extend its product line to Heating Ventilation Air Conditioning panel (HVAC) in the near future. The product will be localised and manufactured at the newly set-up electronic facility at the company’s at Bawal plant.