Lumax DK Jain Group company, Lumax Auto Technologies Limited today announced its joint venture with JOPP, Germany to manufacture and supply transmission products to the Indian automotive industry. Under the Joint Venture, both the partners will hold an equal 50% share in the new entity to be named Lumax JOPP Allied Technologies. While JOPP will bring the world class technology for its products to joint venture, Lumax will provide its 7 decades' rich experience towards management of the JV in India. Focus of JV is towards self-reliance in technology & establish a state of art R&D centre in India along with manufacturing operations.
Mr. Martin Buchs, Managing Director & Promoter and Mr. Richard Diem, Managing Director of JOPP, and Mr. Anmol Jain, Managing Director and Mr. Deepak Jain, Promoter Director signed the Joint Venture agreement. The JV will engage in design, development and production of Gear Shift Towers, Automated Manual Transmission (AMT) Kits, All Gear Sensor (AGS) and Forks to start with. Commercial production is expected to begin in Q4 of FY 20 from an existing Lumax facility in Manesar, Haryana. The JV company will make an investment of Rs 75 crores over a period of 5 years.
JOPP is a European company with expertise in transmission & shift systems parts serving OEMs worldwide. Gear Shift Systems are a major focus area with high in-house value add for Shift Towers, Integrated all gear sensor technology & AMT kits for various applications for Manual & Automated transmissions.
Speaking on the occasion Mr. Deepak Jain, Promoter Director said "We continue to forge partnerships with global leaders, in JOPP we have found a reliable partner, sharing the same values, ethos and a strong legacy."
With the JV, Lumax will get the full access to JOPP product know-how in Manual, Automated and Dual-clutch transmissions. Lumax along with its other JV companies & new JV with JOPP can now offer complete transmission shifting solutions to its customers in the Indian market including sophisticated, light-weight and smart shifting solutions for additional comfort in Indian mid segment vehicles.
Mr. Martin Buchs, Managing Director, JOPP said, "We believe that this joint venture will allow us to provide a wider array of services with world class technology and depth to a large growing market. We conducted an extensive search to find a strong, dynamic, technologically strong partner with a pan India footprint and customer connect. Lumax was the perfect fit.
"Shift function is the most important part of transmission. The JV focuses on Manual and Automated shift tower kits. Being a market leader in shift levers in India, it was a natural progression for Lumax to become a Shift system supplier. This brings immense technical edge to Lumax as the single supplier responsible for "shift feeling." said Mr. Anmol Jain, Managing Director, Lumax Auto Technologies Limited.
The signing ceremony was conducted in the presence of the Indian automotive manufacturers, which reflects their support and commitment towards this decision.
Shares of LUMAX AUTO TECHNOLOGIES LTD. was last trading in BSE at Rs.135.55 as compared to the previous close of Rs. 135.65. The total number of shares traded during the day was 1837 in over 52 trades.
The stock hit an intraday high of Rs. 135.9 and intraday low of 133. The net turnover during the day was Rs. 246630.