For its foray into Indian aerospace and defence sector
Lumax Auto Technologies announced its entry into the Indian aerospace and defence sector by formation of it's new Joint Venture with SIPAL S.p.A of Italy (part of the Turin based Euro 240 Million FININC S.p.A. group).As per the JV agreement, Lumax will hold 51% equity with management control over the JV and SIPAL S.p.A. will hold 49% equity in the new JV company under formation as Lumax SIPAL Engineering.
The proposed JV is expected to become operational in FY 2017 and will be a full service provider for all type of Integrated Logistic Support Engineering having a strong knowledge and experience in Technical Publishing, Product / Manufacturing engineering, Process engineering, design and manufacture of toolings, design of systems of production lines related to the Aerospace, Defence & Automotive sectors.
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