With BS IV norms now a reality, auto component maker Lumax Auto is planning investments of over Rs 150 crore over the next 1 year for new tie-ups and developments.
Industry experts believe that the two-wheeler industry in India will exceed 20 million units by the time the BS VI norms are implemented.
Keeping in mind such a huge market, Lumax Auto has joined hands with the Spanish firm Francisco Albero S.A.U., (FAE) for developing oxygen sensors for the two-wheeler market in India. Under the newly-signed joint venture, Lumax FAE Technologies, Lumax will have 51% stake. FAE will hold the rest.
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