Lumax Auto Technologies to acquire majority stake in IAC Group’s India business
The acquisition will take place at an equity valuation of INR 587 crore, and IAC will continue to hold 25% stake and 75% of the stake will be bought through SPV (acquisition vehicle) at INR 440 crore, which will be paid in cash funded by debt and internal accruals. The strong free cash flow generation in LATL and IAC India will ensure debt repayment in 5 years, the company said.
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