Lumax Auto Technologies shares jumped 3% after the company acquired a 60% stake in Greenfuel Energy Solutions for ₹153.09 crores, marking a significant step towards expanding its presence in the renewable energy sector. The acquisition, completed through its subsidiary Lumax Resources Private Limited, positions Greenfuel as a step-down subsidiary of Lumax.
This move aligns with Lumax’s strategy to enhance its sustainable energy portfolio, leveraging Greenfuel’s innovative green technologies for long-term growth. Following the announcement, Lumax Auto Technologies’ shares saw a 3% increase, reflecting positive market sentiment.
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