Lumax Auto Technologies Limited has successfully completed the acquisition of a majority stake in Greenfuel Energy Solutions Private Limited. The acquisition was finalized today, with Lumax acquiring 60% of Greenfuel’s share capital on a fully diluted basis. This strategic move was executed through Lumax’s wholly owned subsidiary, Lumax Resources Private Limited.
The total consideration for the acquisition amounts to INR 153.09 crores, paid to the shareholders of Greenfuel after customary closing reviews and adjustments as outlined in the Share Purchase Agreement. Following this acquisition, Greenfuel has become a step-down subsidiary of Lumax Auto Technologies, with immediate effect.
This acquisition aligns with Lumax Auto Technologies’ strategic objective to expand its footprint in the renewable energy sector, particularly in the area of sustainable energy solutions. Greenfuel Energy Solutions, known for its innovations in green technologies, is poised to strengthen Lumax’s capabilities in the energy space, creating opportunities for growth and diversification.
In a statement, Pankaj Mahendru, Company Secretary and Compliance Officer of Lumax Auto Technologies, highlighted that the acquisition further complements the company’s ongoing focus on sustainability and expanding its portfolio of environmentally conscious products and solutions.
