New Delhi, Nov 26 (PTI) Auto components maker Lumax Auto Technologies Ltd on Tuesday said it has acquired 60 per cent stake in Greenfuel Energy Solutions' alternate fuels business for Rs 153.09 crore.
The acquisition has been carried out through company's wholly-owned subsidiary Lumax Resources Pvt Ltd and funded through a combination of debt and internal accruals, Lumax Auto Technologies Ltd (LATL) said in a regulatory filing.
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.
Besides, it is a supplier of fire and smoke alarm, detection and suppression systems, including related components and subsystems, for the automotive industry, the company said.
"This acquisition is the 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," it added.
LATL Promoter Director Deepak Jain said, "This marks another milestone in our long-term growth strategy of forging strategic partnerships with industry leaders. As the CNG vehicle market is poised for significant growth, particularly in the passenger vehicle segment, we aim to capitalise on this opportunity by delivering high-quality solutions to our customers."
Greenfuel Energy Solutions is a supplier to key OEMs (original equipment manufacturers), including Maruti Suzuki, Tata Motors and Volvo Eicher Commercial Vehicles.
"This collaboration is poised to deliver significant value for all stakeholders while fostering innovation in the automotive industry and advancing the transition to cleaner, more sustainable mobility solutions," Greenfuel MD and CEO Akshay Kashyap said.