Lucas-TVS to exit India Japan Lighting, sell stake to JV partner Koito
Auto electricals manufacturer Lucas-TVS will exiting its joint venture by selling its 29.9 per cent stake in the company to Japanese partner Koito Manufacturing, for around Rs 148.5 crore. The joint venture, India Japan Lighting (IJL), was established in 1997 to manufacture and sell automotive lighting equipment. Since then, IJL has been supplying automotive lighting equipment mainly to Japanese automotive manufacturers in India. "With the changes taking place in the lndian automotive industry, both the partners have agreed that Koito will assume 100 per cent ownership in IJL, towards the end of December 2019, and going forward, they will proceed to focus on their respective strategic initiatives," said a statement by Arvind Balaji, joint managing director of Lucas-TVS. "In India, where the automotive market is expected to grow over the long-term, it would be necessary for the Koito Group and IJL to accelerate its decision-making," Koito Group said. Rea