Lumax Auto to sell advanced telematics products through JV with Israeli firm
Shital Jibhe / 16 Aug 2017
A joint venture agreement has been signed by Lumax Auto Technologies, part of Lumax DK Jain Group, with Ituran Location and Control, Israel, for sale of telematics products and services to the Indian automotive industry.
A joint venture agreement has been signed by Lumax Auto Technologies, part of Lumax DK Jain Group, with Ituran Location and Control, Israel, for sale of telematics products and services to the Indian automotive industry. The new JV company is Lumax Ituran Telematics.
As per the agreement, Lumax Auto Technologies will own 50% of the joint venture with Ituran owning the remaining 50%, the company informed the BSE on Monday. In a bid to tap the potential offered by the advanced telematics technology market in India, the company will sell Ituran’s telematics products and services after adaptation for the Indian automotive industry.
Lumax Auto Technologies was trading at Rs 496.45 per share, up by Rs 1.95 or 0.39% as at 0930 hours on Wednesday, on the BSE.