Lumax Auto Technologies (LATL) has completed the acquisition of 60% stake in Greenfuel Energy Solutions' alternate fuels business for Rs 153.09 crore through its wholly owned subsidiary Lumax Resources. The acquisition has been funded through a combination of debt and internal accruals. This acquisition is the LATL's entry into the green and alternate fuels segment (across CNG, hydrogen and other applications), which is expected to witness strong and accelerated growth in the coming years.
Greenfuel is a prominent supplier of (1) high-pressure fuel delivery and storage systems(including related components and sub-systems) primarily for CNG and hydrogen automobiles and (2) fire and smoke alarm, detection and suppression systems (including related components and subsystems) 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.