Lumax Auto to acquire majority stake in Greenfuel Energy Solutions
It also supplies fire and smoke alarm, detection and suppression systems for the automotive industry.
Lumax Auto Technologies on Saturday said it has inked a pact to acquire a majority stake in Greenfuel Energy Solutions from its existing shareholders for an undisclosed amount.
The proposed acquisition will enable the company to enter into the green and alternate fuels segment which is expected to witness strong and accelerated growth in the coming years, Lumax Auto said in a statement.
Greenfuel is a supplier of high-pressure fuel delivery and storage systems primarily for CNG and hydrogen automobiles.
It also supplies fire and smoke alarm, detection and suppression systems for the automotive industry.
It is a supplier to key OEMs, including Maruti Suzuki, Tata Motors and Volvo Eicher Commercial Vehicles, among others.
"With the CNG vehicle market expected to witness strong growth, specifically in the passenger vehicle segment, we will look to leverage this platform to deliver high-quality solutions to our customers and be an industry leader for systems and components in the alternate fuels segment," Lumax Auto promoter director Deepak Jain said.
Greenfuel founder and CEO Akshay Kashyap said the collaboration is expected to unlock tremendous value for both stakeholders and drive innovation in the automotive sector, leading to a shift towards cleaner and more sustainable mobility solutions.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
What SBI, PNB, HDFC Bank, ICICI Bank, Canara Bank and others are offering to senior citizens in their fixed deposit schemes; get latest details
Power of Rs 2,500 SIP: Top mutual funds that have converted Rs 2,500 monthly SIP into up to Rs 5,09,28,437 since their inception
Cochin Shipyard Dividend 2024: Do you own this stock? Check dividend amount, record date and payment date
SBI FD vs POMIS: Which will give higher return on Rs 9,00,000 investment for 5 years; understand with examples
Know Your NPS Annuity: How much do you need to invest to get Rs 90,000 monthly pension in all 5 NPS categories? Get calculations
07:46 PM IST