iStockLumax Auto Technologies signs pact with IAC International Automotive IndiaLumax Auto Technologies on Monday said it has signed an agreement to acquire a majority stake in IAC International Automotive India from the International Automotive Components Group at an equity valuation of Rs 587 crore. As part of this deal, 75 per cent of the stake will be bought through SPV (acquisition vehicle) at Rs 440 crore, which will be paid in cash funded by debt and internal accruals, and IAC will continue to hold 25 per cent stake in it, the company said in a release. The strong free cash flow generation in Lumax Auto Technologies Ltd (LATL) and IAC India will ensure debt repayment in the next five years, it added. This strategic partnership will help the company expand its existing business in four-wheeler automotive plastics and offer customers with a wider product range. A part of the Lumax-DK Jain Group, Lumax Auto Technologies is a tier-1 automotive systems and components supplier. IAC...