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Lumax signs JV pact with Germany-based JOPP

ANI 

has signed a joint venture agreement with of to manufacture for the Indian automotive industry.

Both partners will hold an equal 50 per cent share in the new entity: Lumax The new company will make an investment of Rs 75 crore over a period of five years, according to an official statement.

While JOPP will bring world-class technology for its products, Lumax will provide seven decades of its experience in the Indian market. The focus will be towards achieving self-reliance in technology and establish a research and development centre in along with manufacturing operations.

The JV will design, develop and produce gear shift towers, automated manual transmission kits, all gear sensor and forks to start with. Commercial production is expected to begin in the fourth quarter (January to March) of 2019-20 from an existing Lumax facility at Manesar in

Lumax, a company, has a 60 per cent market share in automotive lightingsolutions and gear shift levers. The group with a sales turnover of Rs 2,950 crore has eight global partnerships, 13 entities spread across 28 locations in eight states.

has annual sales of 205 million euros at 12 locations worldwide. It develops gearshift systems, gear knobs and plastic components which are produced throughout the world.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 12 2019. 11:49 IST
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