Lumax likely to set up research and development production facility in AP
A high-level delegation from the publicly-listed company is scheduled to visit Amaravati, AP’s new capital, on Monday to explore the possibility of setting up its R&D unit, manufacturing facility and business operations there.
Hyderabad: Delhi-based automotive lighting and illumination solutions major, Lumax Industries Limited, is likely to establish research and development (R&D) unit of its LED lighting division in Andhra Pradesh.
A high-level delegation from the publicly-listed company is scheduled to visit Amaravati, AP’s new capital, on Monday to explore the possibility of setting up its R&D unit, manufacturing facility and business operations there.
The delegation will comprise Dwivedi, Sr Vice-President, Manjeet Dabas, India Business Head, Praveen Thomas, Regional Head (South) and Suresh, AP and Telangana Area head, Lumax Industries. Prakriya Group of Companies, led by Potluri Krishna Mohan, has invited Lumax to establish its operations and manufacturing facilities in Andhra Pradesh. “I am happy that Lumax, the world-class company in lighting solutions, responded positively to my request, and is sending the delegation to Amaravati,” Krishna Mohan said.
Lumax, which has a technological and financial collaboration with Stanley Electric of Japan, its largest shareholder (37.5 per cent), currently has nine manufacturing locations across India. It manufactures automotive lighting solutions like head lamps, tail lamps, sundry and auxiliary lamps for four-wheelers, two-wheelers, commercial vehicles and tractors.
Krishna Mohan further said that he would make concerted efforts to get the Lumax unit to AP. “After holding discussions with the company, we will discuss with the government and see to it that the new unit comes up in Andhra Pradesh,” he explained.
Prakriya Group has been trying to attract investments into Andhra Pradesh through dairy parks and other initiatives, which also include inviting other companies to set up units in the State.
Lumax has clocked revenues of Rs 1,255.2 crore in the last financial year, with its outlook for the current fiscal being Rs 1,404.8 crore . Currently, it garners less than five per cent of its revenues from LED business, which is expected to grow to around 20 per cent over the next three to five years.
Lumax Industries’ scrip ended the trade at Rs 695.95 on the BSE on July 8, 2016, down 0.21 per cent, over the previous close of 697.40 apiece.
