Lumax Auto Technologies Acquires Majority Stake in Greenfuel Energy Solutions for Green Mobility Expansion
Key Ideas
  • Lumax Auto Technologies has signed an agreement to acquire a majority stake in Greenfuel Energy Solutions to venture into green and alternate fuels segment.
  • Greenfuel Energy Solutions is known for supplying high-pressure fuel delivery and storage systems for CNG and hydrogen automobiles, as well as fire and smoke alarm systems for the automotive industry.
  • The collaboration aims to capitalize on the growing CNG vehicle market, particularly in the passenger vehicle segment, to provide high-quality solutions and become a leader in alternate fuels components.
  • Both companies anticipate the partnership to create significant value, promote innovation in the automotive sector, and contribute to the shift towards cleaner and more sustainable mobility solutions.
Lumax Auto Technologies, based in New Delhi, has announced the acquisition of a majority stake in Greenfuel Energy Solutions, a move that signals the company's entry into the green and alternate fuels sector. The acquisition, made from the current shareholders of Greenfuel Energy Solutions for an undisclosed sum, is viewed as a strategic decision to tap into the potential of the rapidly growing green energy market. Greenfuel Energy Solutions is a renowned supplier of high-pressure fuel delivery and storage systems, with a focus on CNG and hydrogen-powered vehicles. Additionally, the company also provides fire and smoke alarm systems for the automotive industry. Noteworthy clients of Greenfuel Energy Solutions include major OEMs like Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles. Lumax Auto Technologies expressed optimism regarding the anticipated growth in the CNG vehicle market, especially within the passenger vehicle segment. The company aims to utilize this acquisition as a platform to offer top-notch solutions to customers and establish itself as a frontrunner in systems and components related to alternate fuels. Lumax Auto's promoter director, Deepak Jain, stated the intent to leverage the partnership to drive innovation and provide cleaner mobility solutions. Greenfuel's founder and CEO, Akshay Kashyap, echoed this sentiment, highlighting the potential for significant value creation and innovation in the automotive industry, ultimately contributing to a transition towards sustainable mobility solutions.
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