Lumax Auto Technologies Limited (LATL), a leading Tier-1 supplier of automotive systems and components, has announced an agreement to acquire a majority stake in Greenfuel Energy Solutions Private Limited.
Greenfuel is a key supplier of high-pressure fuel delivery and storage systems, primarily for CNG and hydrogen vehicles, along with fire and smoke alarm, detection, and suppression systems for the automotive industry. The company has an impressive client list, including OEMs like Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles. With established technology partnerships, Greenfuel has a competitive edge in delivering advanced solutions to its customers. It’s important to note that Greenfuel's ancillary businesses will not be included in this acquisition and will be carved out.
This partnership provides LATL with an opportunity to diversify its offerings and strengthen its presence in the growing alternate fuels market. Both Lumax and Greenfuel will work as strategic partners, leveraging their strengths to drive growth and aim to establish Greenfuel as an industry leader in the alternate fuels segment. The day-to-day operations of Greenfuel will continue under the leadership of Akshay Kashyap and his existing management team, ensuring continuity and expertise.
Deepak Jain, Promoter Director of LATL, said, 'This is another step in our long-term growth strategy of forming strategic partnerships with industry leaders. With the CNG vehicle market expected to grow, particularly in the passenger vehicle segment, we will use this platform to deliver high-quality solutions and become an industry leader in the 'alternate fuels' segment.'
Anmol Jain, Managing Director of LATL, added, 'This partnership will help us diversify our product offerings to key OEMs and increase our per-vehicle content in the four-wheeler segment. Together with Greenfuel, our goal is to harness the business's growth potential by leveraging synergies across customers, technologies, and manufacturing excellence.'
Akshay Kashyap, Founder and CEO of Greenfuel, stated, 'This strategic partnership with LATL merges their extensive market reach and strong customer base with our core expertise in alternate fuel systems. The collaboration is set to unlock tremendous value for both stakeholders and drive innovation in the automotive sector, promoting cleaner and more sustainable mobility solutions.'
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