Lumax Auto Technologies Limited has recently informed exchanges that the company has signed an agreement to acquire a majority stake in Greenfuel Energy Solutions Private Limited from its existing shareholders. The company acquired a 60% stake in Greenfuel Energy Solutions for Rs 221 crore.
This strategic acquisition marks LATL’s entry into the green and alternate fuels sector which is expected to grow rapidly in the coming years.
In the exchange filing, the company shared, “The proposed partnership with Greenfuel offers LATL the opportunity to expand and diversify the range of solutions it provides to automotive OEMs in India. Lumax and Greenfuel’s management team will collaborate as strategic partners and leverage their respective competitive strengths to unlock the potential of the Business in the coming years and together, strive to position Greenfuel as an industry leader for systems and components in the ‘alternate fuels’ segment. Greenfuel’s day to day business and operations will continue to be managed by Mr. Akshay Kashyap and the existing professional management team which has successfully developed the platform over the years.”
