Lumax Auto Technologies on Saturday said it has inked a pact to acquire a majority stake in Greenfuel Energy Solutions from its existing shareholders for an undisclosed amount.
The proposed acquisition will enable the company to enter into the green and alternate fuels segment which is expected to witness strong and accelerated growth in the coming years, Lumax Auto said in a statement.
Greenfuel is a supplier of high-pressure fuel delivery and storage systems primarily for CNG and hydrogen automobiles.
It also supplies fire and smoke alarm, detection and suppression systems for the automotive industry.
It is a supplier to key OEMs, including Maruti Suzuki, Tata Motors and Volvo Eicher Commercial Vehicles, among others.
“With the CNG vehicle market expected to witness strong growth, specifically in the passenger vehicle segment, we will look to leverage this platform to deliver high-quality solutions to our customers and be an industry leader for systems and components in the alternate fuels segment,” Lumax Auto promoter director Deepak Jain said.
Greenfuel founder and CEO Akshay Kashyap said the collaboration is expected to unlock tremendous value for both stakeholders and drive innovation in the automotive sector, leading to a shift towards cleaner and more sustainable mobility solutions.
Source: Economic Times