Mumbai: Auto-components maker Lumax is looking at acquisitions and partnerships to log double-digit growth as it seeks a billion dollar in sales, even as the automotive industry takes a distinct turn toward the electric powertrain.
Lumax has set up a war chest of $150 million in capex and about $80-100 million for acquisitions to expand into new areas of electronics, electrification and light weighting. The focus area is an opportunity in the plastics and electronic space for either an acquisition or a JV.
Anmol Jain, MD, Lumax Auto Technologies, told ET that his group has a turnover of Rs 3,500 crore and the effort is to double the size of the company.