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On Thursday, Lumax Auto Technologies said that it has entered the Indian aerospace and defence sector through a joint venture with Italay’s SIPAL.
Lumax Auto Technologies said in a BSE filing that “As per the JV agreement, Lumax will hold 51 percent equity with management control over the JV and SIPAL S.p.A. will hold 49 percent equity in the new JV company under formation as Lumax SIPAL Engineering Private Ltd”.
“The proposed JV is expected to become operational in fiscal 2017 and will be a full service provider for all types of Integrated Logistic Support Engineering having a strong knowledge and experience in Technical Publishing, Product/Manufacturing engineering, Process engineering, design and manufacture of toolings, design of systems of production lines related to the Aerospace, Defence & Automotive sectors,” it added.
