Lumax Auto picks 60% stake in Greenfuel Energy Solutions' alternate fuels business for Rs 153 crore

Auto components shaper Lumax Auto Technologies Ltd connected Tuesday said it has acquired 60 per cent involvement successful Greenfuel Energy Solutions' alternate fuels concern for Rs 153.09 crore.

The acquisition has been carried retired done company's wholly-owned subsidiary Lumax Resources Pvt Ltd and funded done a operation of indebtedness and interior accruals, Lumax Auto Technologies Ltd (LATL) said successful a regulatory filing.

Greenfuel is simply a salient supplier of high-pressure substance transportation and retention systems, including related components and sub-systems, chiefly for CNG and hydrogen automobiles.

Besides, it is simply a supplier of occurrence and fume alarm, detection and suppression systems, including related components and subsystems, for the automotive industry, the institution said.

"This acquisition is the LATL's introduction into the greenish and alternate fuels conception crossed CNG, hydrogen and different applications, which is expected to witnesser beardown and accelerated maturation successful the coming years," it added.

LATL Promoter Director Deepak Jain said, "This marks different milestone successful our semipermanent maturation strategy of forging strategical partnerships with manufacture leaders.

As the CNG conveyance marketplace is poised for important growth, peculiarly successful the rider conveyance segment, we purpose to capitalise connected this accidental by delivering high-quality solutions to our customers."

Greenfuel Energy Solutions is simply a supplier to cardinal OEMs (original instrumentality manufacturers), including Maruti Suzuki, Tata Motors and Volvo Eicher Commercial Vehicles.

"This collaboration is poised to present important worth for each stakeholders portion fostering innovation successful the automotive manufacture and advancing the modulation to cleaner, much sustainable mobility solutions," Greenfuel MD and CEO Akshay Kashyap said.