Lumax Auto Technologies (LATL), a Tier-1 automotive systems and components supplier, has completed the acquisition of 60 percent stake in Greenfuel Energy Solutions’ alternate fuels business for Rs 153.09 crore through its wholly-owned subsidiary Lumax Resources.

This acquisition marks 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 high-pressure fuel delivery and storage systems (including related components and sub-systems) primarily for CNG and hydrogen automobiles and, fire and smoke alarm, detection and suppression systems (including related components and sub-systems) 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 collaboration, which provide a competitive advantage in delivering industry leading solutions to customers. Greenfuel’s day-to-day business and operations will continue to be managed by Mr. Akshay Kashyap and the existing professional management team, which has successfully developed the platform over the years.

KPMG Corporate Finance and Grant Thornton acted as the exclusive advisors to LATL and Greenfuel respectively. Cyril Amarchand Mangaldas acted as the legal counsel to LATL. 

As strategic partners, the management teams of Lumax and Greenfuel will collaborate to harness their respective strengths. Together, they aim to establish Greenfuel as a leading industry player in systems and components for the ‘alternate fuels’ segment.