Lumax Auto Technologies Expands into Green Energy with Acquisition of Greenfuel Energy Solutions
Key Ideas
- Lumax Auto Technologies Ltd has acquired a 60% stake in Greenfuel Energy Solutions' alternate fuels business for Rs 153.09 crore.
- The acquisition was made through Lumax's subsidiary and is aimed at tapping into the growing demand for CNG vehicles.
- Greenfuel Energy Solutions, known for its fuel delivery systems, also serves the CNG and hydrogen automotive markets, contributing to sustainable mobility.
- The partnership between Lumax and Greenfuel is set to drive innovation and promote green energy solutions in the automotive sector.
Lumax Auto Technologies Ltd, based in New Delhi, has made a significant move into the green energy sector by acquiring a majority stake in Greenfuel Energy Solutions' alternate fuels business. The acquisition, valued at Rs 153.09 crore, was completed through Lumax's subsidiary, Lumax Resources Pvt Ltd, with a combination of debt and internal accruals. Greenfuel Energy Solutions is renowned for its high-pressure fuel delivery and storage systems and caters to the CNG and hydrogen automotive markets. In addition to fuel systems, the company provides fire and smoke alarm systems for top OEMs like Maruti Suzuki and Tata Motors. Deepak Jain, the Promoter Director of Lumax, highlighted that this strategic acquisition aligns with their aim to capitalize on the increasing demand for CNG vehicles. By partnering with Greenfuel, Lumax aims to drive innovation and sustainable mobility in the automotive industry, emphasizing a commitment to green energy solutions.