Lumax Auto Technologies Limited (LATL), a prominent Tier-1 automotive systems and components supplier, has announced the acquisition of a 60% stake in Greenfuel Energy Solutions’ alternate fuels business for INR 153.09 crore.
This strategic acquisition marks LATL’s foray into the green and alternate fuels segment, encompassing CNG, hydrogen, and other applications, a market expected to see accelerated growth in the near future.
Greenfuel is a leading supplier of high-pressure fuel delivery and storage systems, primarily for CNG and hydrogen vehicles, and fire detection and suppression systems for the automotive sector. Its client base includes notable OEMs such as Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles. The company has also established robust technology partnerships to offer advanced solutions.
Deepak Jain, Promoter Director of LATL, highlighted the significance of the acquisition, stating, 'This milestone aligns with our long-term growth strategy of strategic partnerships. With the CNG vehicle market poised for significant expansion, particularly in the passenger vehicle segment, we aim to deliver high-quality solutions and strengthen our position in the alternate fuels segment.'
Anmol Jain, Managing Director of LATL, said, 'This partnership enhances our product portfolio and increases per-vehicle content in the four-wheeler segment. We look forward to leveraging customer relationships, advanced technologies, and manufacturing expertise to unlock growth.'
Akshay Kashyap, MD and CEO of Greenfuel, noted, 'This strategic partnership combines LATL’s market presence and customer connections with Greenfuel’s expertise in alternate fuel systems, fostering innovation and advancing sustainable mobility solutions.'
The acquisition allows LATL to broaden its solutions for automotive OEMs and aligns with its sustainable growth goals. Greenfuel’s operations will continue under the leadership of Akshay Kashyap and the existing management team.
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