Lumax Auto Technologies Acquires Majority Stake in Greenfuel Energy Solutions

Lumax Auto Technologies has announced its acquisition of a majority stake in Greenfuel Energy Solutions. This strategic move aims to expand Lumax Auto's footprint in the burgeoning green and alternative fuels market. Greenfuel specializes in high-pressure fuel systems and fire safety solutions, serving prominent automotive OEMs like Maruti Suzuki and Tata Motors.

Lumax Auto Technologies has entered into a pact to acquire a majority stake in Greenfuel Energy Solutions from existing shareholders, the company announced on Saturday. The financial terms of the deal remain undisclosed.

This acquisition marks Lumax Auto's strategic entry into the green and alternate fuels sector, which is poised for accelerated growth in the coming years, the company said. Greenfuel specializes in supplying high-pressure fuel delivery and storage systems for CNG and hydrogen vehicles. They also offer fire and smoke detection, alarm, and suppression systems for the automotive industry.

Among its clients are major OEMs such as Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles. Deepak Jain, Lumax Auto's promoter director, remarked that the growing CNG vehicle market, particularly in the passenger segment, presents opportunities to leverage this platform for delivering high-quality solutions and becoming an industry leader. Greenfuel founder and CEO Akshay Kashyap added that the partnership is set to drive innovation and the transition towards cleaner and more sustainable mobility solutions.

(With inputs from agencies.)