Lumax acquires Greenfuel Energy Solutions

Lumax Resource acquired a 60% stake in Greenfuel Energy Solutions’ alternative fuel business for Rs 153.09 crore (INR 1.5309 billion). With a focus on CNG and hydrogen fuel, this acquisition enables Lumax Auto Technologies to enter the expanding green and alternative fuels market.

The acquisition has been financed by a mix of internal accruals and debt.

Greenfuel’s clients include major OEMs such as Volvo Eicher Commercial Cars, Tata Motors, and Maruti Suzuki. Greenfield is known for providing high-pressure fuel distribution and storage systems for CNG and hydrogen cars, as well as fire and smoke alarm systems. With this acquisition Lumax Auto will broaden its automotive solutions and expand its market footprint.

While Greenfuel’s present management, led by CEO Akshay Kashyap, will continue to handle day-to-day operations, the alliance seeks to generate significant value by promoting innovation and the shift to sustainable mobility solutions.