- As per the the auto component maker, there shall be six directors on the Board of the proposed joint venture company
- Each party will have the right to appoint three directors each. The chairman and managing director of the JVC shall be from among the directors nominated by LATL
As per a report by the Economic Times, Lumax Auto Technologies Ltd (LATL) signed a joint venture agreement with Alpine Co Ltd (ALPS), Japan. They have joined hands to establish a joint venture company of 50:50 equity holding in India to manufacture and sell electric devices and components including software related to the automotive industry, the company said in a regulatory filing
Six directors on the Board of the proposed joint venture company
The report added that as per the the auto component maker, there shall be six directors on the Board of the proposed joint venture company. Each party will have the right to appoint three directors each. The chairman and managing director of the JVC shall be from among the directors nominated by LATL.
In May, Lumax Group reported about investing Rs 250 crore in capital expenditure this fiscal to set up an electronics plant at Bawal in Haryana and augment the capacity at the Sanand plant in Gujarat. Lumax-DK Jain Group manufactures and supplies auto components at its 33 plants. It serves all major OEMs starting from two-wheelers to four-wheelers to commercial vehicles to farm equipment. It also supplies to defence establishments and emergency services
