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Lumax Auto Technologies Ltd. — Capital/Financing Update 2020
Feb 7, 2020
62451_rns_2020-02-07_2d02a38b-efa0-4af9-a2c1-1e0032515234.pdf
Capital/Financing Update
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| BSELimitedListing Compliance DepartmentPhirozeJeejeebhoyTowers,DalalStreet, Mumbai - 400001 | The National Stock ExchangeofIndia LimitedListing Compliance DepartmentExchangePlaza,C-1BlockG,BandraKurlaComplex,Bandra(E),Mumbai -400051 |
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| Company Code:532796 | Symbol: LUMAXTECH |
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| S.No. | ParticularsofEvents | Details | Details | |
|---|---|---|---|---|
| a) | name(s)ofpartiesagreementisentered; | with whom the | i)Lumax Auto Technologies Limited(Lumax)ii)YokowoCo., Ltd, Japan(Yokowo) | |
| b) | purposeofenteringintotheagreement; | SettingupofaJoint VentureCompanyinIndiato manufactureandsupplyofantennasandothervehiclecommunicationproductstotheIndianautomotiveindustry. | ||
| c) | shareholding,ifany, intheentity withwhom the agreementisexecuted; | i)Lumax will hold50%oftotalEquityShare Capitalofthe proposed JointVenture Company.ii)Yokowo will hold50%oftotalEquityShareCapitaloftheproposed Joint Venture Company. | ||
| d) | significant termsofthe agreement (inbrief) special rights like righttoappointdirectors,firstrighttosharesubscript ion incaseofissuanceofshares, righttorestrict any changeincapital structure etc.; | There shallbefour(4)Directors on theBoard comprisingoftwo(2)LumaxDirectors, oneofthem being theManaging Director andtwo(2)YokowoDirectors. Any changeincompositionofBoard shallbeagreed between theParties -inwriting. Capital contributionwill continue in the ratiooftheagreedproportionof50:50. | ||
| e) | whether, thesaidparties are relatedtopromoter/promotergroup/groupcompaniesinany manner.Ifyes,natureofrelationship; | No | ||
| f) | whether the transaction would fallwithin related party transactions?Ifyes,whether the sameisdone at "armslength"; | No | ||
| g) | incaseofissuanceofsharestotheparties, detailsofissue price,classofshares issued; | TheJoint Venture Company will issueequity sharestoboth the parties (inagreed equity proportionof50:50) atpar value i.e.Rs.10/-per equityshare. | ||
| h) | anyotherdisclosures relatedtosuchagreements, viz., detailsofnomineeonthe boardofdirectorsofthe listedentity, potential conflictofinterestarising outofsuchagreements,etc; | NotApplicable | ||
| i) | incaseofterminationoramendmentofagreement, listed entity shall discloseadditionaldetailstothestockexchange(s): | Not Applicable |
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Annexure‐B
Lumax Auto Technologies Ltd, India and YOKOWO CO., LTD, Japan Announce JV For On‐board Antenna products
7th FEBRUARY, 2020, NEW DELHI: Lumax DK Jain Group company, Lumax Auto Technologies Limited 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. Under the Joint Venture, both the partners will have a 50:50 share in the new entity to be named Lumax Yokowo Technologies Pvt Ltd.
Yokowo is a leading specialist in electronics components and advanced devices for wireless communication and information transmission.
Yokowo will bring its world‐class technology for its products to the joint venture 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 November 2021.
Speaking on the occasion, Mr Deepak Jain, Promoter Director , Lumax Auto Technologies, “The Indian automobile industry is undergoing a technology change and this is the most opportune time to introduce best in class technology for connected vehicles and communication. This is an important step taken by Lumax to serve the OEM needs, in‐vehicle communication space. We are delighted to partner with a global leader in vehicle communication technology – Yokowo, Japan. This will be India’s first localised product solution. The initial offering to the Indian market would be car antenna.”
Mr Takayuki Tokuma, President , Yokowo, Japan , at the occasion, stated, “I am pleased to announce this Joint venture with Lumax, our only JV venture in India. With this partnership, we would like to reach a wider market and cater to the demands of an emerging market like India, with high growth potential, and contribute to the development of its automobile market.”
“This partnership is a strategic initiative taken in the interests of Indian customers providing them with the best design and quality at competitive costs in vehicle communication products. We look forward to embarking on our relationship to cater to the needs of our customers and service them with best in quality product solutions,” said Mr Anmol Jain, Managing Director, Lumax Auto Technologies at the JV announcement.
The new company will first expand on‐board antenna products in India that have already been manufactured and sold in other countries, and then implement or consider the development of advanced driver assistance systems (ADAS), self‐driving systems, and V2V and V2X products based on market needs and customer requests
About Lumax, DK Jain Group :
Lumax, DK Jain Group a leading player in the Indian Automotive industry is a provider of a wide range of automotive solutions (Lighting Module, Frame Chassis, Integrated Plastic Modules, Gear Shift Lever, Intake systems, Seat Frames, Oxygen Sensors, Telematics etc.) with market leadership in automotive Lighting solutions and Gear Shift levers, Lumax has been the preferred supplier to almost all the leading OEMs in India. The group with a sales turnover of INR 3500 crores (2018‐19), has 9 Partnerships with leading companies in the global automotive industry, having 14 entities spread across 29 locations and 8 states of the country.
For more information about the Group and its businesses, please visit our website https://www.lumaxworld.in/lumaxautotech
Lumax Auto Technologies : Lumax Auto Technologies Ltd. through its wholly‐owned subsidiaries and joint ventures has been a manufacturer of a wide range of products (Lighting Module, Frame Chassis, Integrated Plastic Modules, Gear Shift Lever & Shift Tower, Intake systems, Seat Frames & Mechanisms, Urea Tank etc). We are market leaders in Design, Testing and Manufacturing Gear Shift levers in India with an overall significant domestic market share. The Company has a robust pan‐India distribution network with 14 manufacturing plants across India in all major Auto clusters. Our key customers include Bajaj Auto, Honda Motorcycles and Scooters, Maruti Suzuki, Honda Cars, Toyota, Mahindra & Mahindra, Daimler, VE Commercial Vehicles and Tata Motors.
YOKOWO CO., LTD. : Founded in 1922, Yokowo is an independent electronic component manufacturing company that makes and sells vehicle communication devices such as on‐vehicle antennas, semi‐conductor testing jigs, connectors for electronic devices, and medical devices. Yokowo has 21 sales offices in 13 countries in addition to manufacturing locations in Japan, China, Vietnam, Malaysia, and the USA, forming a global network able to respond rapidly to diverse customer needs.
Safe Harbour:
This document may contain forward-looking statements about Lumax Auto Technologies Limited & its subsidiaries, which are based on the beliefs, opinions, and expectations of the company’s management as the date of this press release and the companies do not assume any obligation to update their forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Consequently, readers should not place any undue reliance on such forward-looking statements.
| Lumax:For further information, please contact | |
|---|---|
| Company Contact: | Investor Relations: Strategic Growth Advisors Pvt |
| Lumax Auto Technologies Ltd. | Ltd. |
| CIN: L31909DL1981PLC349793 | CIN No: U74140MH2010PTC204285 |
| Priyanka Sharma | Shogun Jain |
| Email: [email protected] | Email: [email protected] |
| Tel No: +91 9810266637 | Tel No: +91 773837756 |
| Pratik R. Shah | |
| Email id – [email protected] | |
| Tel No: +91 9769260769) |