Lumax Auto Technologies expands into green fuels with Greenfuel acquisition. The deal, worth INR 153.09 crores, gives Lumax a majority stake in Greenfuel's CNG and hydrogen fuel systems business. This move positions Lumax for growth in the expanding alternative fuels market. Greenfuel supplies major automakers like Maruti Suzuki and Tata Motors.
Lumax Auto Technologies Limited (LATL) has acquired a 60% stake in Greenfuel Energy Solutions' alternate fuels business for INR 153.09 crores. This acquisition, executed through LATL's subsidiary Lumax Resources Pvt Ltd, marks LATL's entry into the green fuels sector. The deal was funded through debt and internal accruals, and aims to capitalise on the anticipated growth in CNG, hydrogen, and other alternate fuel applications. Greenfuel supplies fuel delivery systems for CNG and hydrogen vehicles, and fire and smoke alarm systems for the automotive industry.