Lumax Auto Technologies said on Saturday it has signed 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 the green and alternative fuels segment, which is expected to experience strong and accelerated growth in the coming years, Lumax Auto said in a statement.
Greenfuel is a supplier of high-pressure fuel supply and storage systems primarily for CNG and hydrogen vehicles.
It also supplies fire and smoke detection, suppression and alarm systems for the automotive industry.
It is a key supplier to original equipment manufacturers (OEMs), including Maruti Suzuki Tata Motors and Volvo Eicher Commercial Vehicles, among others.
“The CNG vehicle market is expected to witness strong growth, specifically in the passenger vehicle segment, and we will look to leverage this platform to deliver high-quality solutions to our customers and be an industry leader in systems and components in the alternative fuel segment,” said Lumax Auto Promoter Director Deepak Jain.
Greenfuel Founder and CEO Akshay Kashyap said the collaboration is expected to generate tremendous value for both stakeholders and drive innovation in the automotive sector, leading to a shift towards cleaner and more sustainable mobility solutions.
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