Lumax Auto Technologies Ventures into Green Fuel with Greenfuel Stake Acquisition

Lumax Auto Technologies Ltd has acquired a 60% stake in Greenfuel Energy Solutions' alternate fuels division for Rs 153.09 crore. This move marks LATL's entry into the green fuels market, leveraging Greenfuel's expertise in CNG, hydrogen systems, and automotive safety solutions.

Lumax Auto Technologies Ltd has taken a major step into the green energy sector by acquiring a 60% stake in Greenfuel Energy Solutions' alternate fuels business. The acquisition, valued at Rs 153.09 crore, was executed through Lumax's subsidiary, Lumax Resources Pvt Ltd, and financed via a mix of debt and internal accruals.

Greenfuel, known for its high-pressure fuel delivery and storage systems, caters to CNG and hydrogen automotive markets. Beyond fuel systems, the company provides fire and smoke alarm systems for the automotive industry, serving top OEMs like Maruti Suzuki and Tata Motors.

Lumax's Promoter Director, Deepak Jain, emphasized that this acquisition is part of their strategy to tap into the growing demand for CNG vehicles. Greenfuel's partnership is set to foster innovation and drive sustainable mobility in the automotive sector.

(With inputs from agencies.)