Lumax Auto Technologies Acquires Majority Stake in Greenfuel Energy Solutions

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Lumax Auto Technologies Limited (LATL), a leading Tier-1 automotive systems supplier, has acquired a 60% stake in Greenfuel Energy Solutions for ₹153.09 crores through its wholly owned subsidiary, Lumax Resources Pvt Ltd. This strategic move marks LATL’s entry into the alternate fuels segment, including CNG and hydrogen, which is poised for significant growth in the coming years.

Key Highlights of the Acquisition

  1. Investment Details: Funded through a mix of debt and internal accruals.
  2. Alternate Fuels Focus: Enables LATL to capitalize on the growing demand for CNG and hydrogen solutions, aligning with global shifts toward sustainable mobility.

Leadership Insights

  • Deepak Jain, Promoter Director, LATL:
    “This acquisition aligns with our strategy to establish a strong presence in the alternate fuels segment, supporting sustainable and profitable growth.”
  • Anmol Jain, Managing Director, LATL:
    “By leveraging synergies with Greenfuel, we aim to enhance our product portfolio and increase per-vehicle content for key OEMs in the four-wheeler segment.”
  • Akshay Kashyap, MD & CEO, Greenfuel:
    “Partnering with LATL combines their market reach with our expertise, driving innovation and advancing the transition to cleaner mobility solutions.”

About Greenfuel Energy Solutions

Greenfuel specializes in:

  1. High-pressure fuel delivery and storage systems for CNG and hydrogen vehicles.
  2. Fire and smoke alarm systems for automotive applications.

It serves prominent OEMs like Maruti Suzuki, Tata Motors, and Volvo Eicher, backed by strong technology collaborations.

Strategic Benefits for LATL

  • Portfolio Diversification: Broaden offerings for automotive OEMs in India.
  • Collaboration Potential: Joint efforts to establish Greenfuel as a leading player in alternate fuels.

Greenfuel’s operations will continue under its current leadership, led by Akshay Kashyap and the professional management team.

Advisors and Legal Counsel

  • KPMG Corporate Finance: Advisor to LATL.
  • Grant Thornton: Advisor to Greenfuel.
  • Cyril Amarchand Mangaldas: Legal counsel to LATL.

This partnership reinforces LATL’s position as a key player in India’s evolving automotive landscape, fostering innovation and sustainable mobility.