Lumax Auto Technologies Limited has signed an agreement to acquire majority stake in Greenfuel Energy Solutions Private Limited. The proposed acquisition will be Lumax’s entry into the green and alternate fuels segment. The acquisition cost a total of Rs 221 crore.
Greenfuel is a prominent supplier of high-pressure fuel delivery and storage systems, primarily for CNG and hydrogen automobiles, and fire and smoke alarm, detection and suppression systems for the automotive industry. It is a supplier to key OEMs including Maruti Suzuki, TATA Motors and Volvo Eicher Commercial Vehicles among others.
Greenfuel has established strong technology collaborations which provide a competitive advantage in delivering industry leading solutions to customers. Greenfuel currently also has other ancillary businesses which will be carved out and will not form a part of the proposed acquisition.
The proposed partnership with Greenfuel offers LATL the opportunity to expand and diversify the range of solutions it provides to automotive OEMs in India. Greenfuel’s day to day business and operations will continue to be managed by Akshay Kashyap and the existing professional management team which has successfully developed the platform over the years.