| | MARCH 20239The Board of Lumax Auto Technologies approved the proposed acquisition by the Company (via a wholly owned subsidiary) of a majority shareholding in IAC International Automotive India (IAC India) from its existing shareholder, IACNA Mauritius (IAC Mauritius), at its meeting on 18th February 2023 (Proposed Acquisition) in terms of a share purchase agreement between the Company and IACNA Mauritius (Share Purchase Agreement). The collaboration gives industry leaders in lighting and interior systems the opportunity to offer integrated solutions to meet the rapidly evolving technological advancements in the automotive sector. As the interior systems industry shifts towards higher value-added and niche content, we will look to leverage this platform to provide industry-leading solutions to our customers and increase our kit value per vehicle.Lumax and IAC will collaborate as strategic partners to drive IAC India's business forward in the coming years, leveraging their respective competitive strengths and working to unlock potential synergies across products, customers, technology, and manufacturing excellence. The day-to-day operations and business of IAC India will be managed by its existing professional management team, which has successfully delivered strong and consistent results over the last decade. The acquisition cost Rs.587 crore. SAS IS WELL POSITIONED TO BENEFIT FROM THE LONG-TERM TREND OF OEMS OUTSOURCING MODULE ASSEMBLY TO TRUSTED SUPPLIERSIN FOCUSLUMAX AND IAC WILL COLLABORATE AS STRATEGIC PARTNERS TO DRIVE IAC INDIA'S BUSINESS FORWARD IN THE COMING YEARS
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