Takanori Kitano, president, Stanley Electric Co., Ltd, Japan, said: “The automobile industry in India (passenger cars and commercial vehicles) is the 11th largest in the world and expected to overtake China as the world’s fastest growing car market in terms of the number of units sold. We are foreseeing a huge business opportunity here in India and are delighted we are already with the right business partner.”

D K Jain, chairman and managing director, Lumax Industries said: “A strong technical and financial collaboration with Japan’s Stanley Electric Co has given Lumax Industries access to cutting edge technology and a global footprint.

"To keep the leadership intact, we have decided to invest Rs 200 crore in modernisation of our existing manufacturing facilities and also setting up of greenfield plants in India. Our focus remains to enhance OEM customer satisfaction.”