Schedule a Call Back
Lumax Auto buys 60% stake in Greenfuel Energy Solutions for Rs 153 crore
Industry News- Nov 28,24
This acquisition marks entry of Lumax Auto Technologies into the green and alternate fuels segment (across CNG, hydrogen and other applications), which is expected to witness strong and accelerated growth in the coming years.
Gurugram
Lumax Auto Technologies Limited (LATL) - a leading tier-1 automotive systems and components supplier - on November 26, 2024 completed the acquisition of 60 per cent stake in Greenfuel Energy Solutions’ alternate fuels business for Rs 153.09 crores through its wholly owned subsidiary Lumax Resources Pvt Ltd. The acquisition has been funded through a combination of debt and internal accruals. This acquisition is LATL’s entry into the green and alternate fuels segment (across CNG, hydrogen and other applications), which is expected to witness strong and accelerated growth in the coming years.
Greenfuel is a prominent supplier of (1) high-pressure fuel delivery and storage systems (including related components and sub-systems) primarily for CNG and hydrogen automobiles and (2) fire and smoke alarm, detection and suppression systems (including related components and sub-systems) for the automotive industry. It is a supplier to key OEMs including Maruti Suzuki, Tata Motors and Volvo Eicher Commercial Vehicles among others. Greenfuel has established strong technology collaborations, which provide a competitive advantage in delivering industry leading solutions to customers.
Deepak Jain, Promoter Director of Lumax Auto Technologies Limited, said, “This marks another milestone in our long-term growth strategy of forging strategic partnerships with industry leaders. As the CNG vehicle market is poised for significant growth, particularly in the passenger vehicle segment, we aim to capitalize on this opportunity by delivering high-quality solutions to our customers. Our focus remains on establishing ourselves as a leading provider of systems and components in the evolving ‘alternate fuels’ segment, which will further support our sustainable and profitable growth journey.”
Anmol Jain, Managing Director of LATL, said “This partnership enables us to expand our product portfolio for key OEMs while increasing our per-vehicle content in the four-wheeler segment. Collaborating with Greenfuel, we aim to capitalize on the significant growth potential of this business by leveraging synergies in customer relationships, advanced technologies, and manufacturing excellence.”
Akshay Kashyap, MD and CEO of Greenfuel, said, “We are excited about this strategic partnership with LATL, combining their extensive market presence and strong customer relationships along with our expertise in alternate fuel systems. This collaboration is poised to deliver significant value for all stakeholders while fostering innovation in the automotive industry and advancing the transition to cleaner, more sustainable mobility solutions.”
This partnership with Greenfuel provides LATL the opportunity to broaden and diversify its portfolio of solutions for automotive OEMs in India. As strategic partners, the management teams of Lumax and Greenfuel will collaborate to harness their respective strengths, unlocking the full potential of the business. Together, they aim to establish Greenfuel as a leading industry player in systems and components for the ‘alternate fuels’ segment.
Greenfuel’s day-to-day business and operations will continue to be managed by Akshay Kashyap and the existing professional management team, which has successfully developed the platform over the years.
KPMG Corporate Finance and Grant Thornton acted as the exclusive advisors to LATL and Greenfuel respectively. Cyril Amarchand Mangaldas acted as the legal counsel to LATL.
Lumax-DK Jain Group is a provider of a wide range of automotive solutions (lighting module, frame chassis, integrated plastic modules, gear shift lever, shift tower, power window switches, oxygen sensors, intake systems, seat frames, urea tank, etc.). With market leadership in automotive lighting solutions, vehicle interior systems and gear shift levers, Lumax has been the preferred supplier to almost all the leading OEMs in India. With a brand turnover of over Rs 8000 crores (2023-24) has 11 partnerships with leading companies in the global automotive industry, having 15 entities spread across 38 locations across the country.
Lumax Auto Technologies
Greenfuel Energy Solutions
alternate fuels segment
Deepak Jain
Anmol Jain
Akshay Kashyap
Related Stories
Auto & Auto Components
Lumax Auto sees 36% revenue surge in Q1 FY26 on strong automotive demand
Lumax Auto Technologies posts Rs 1,026 crore revenue in Q1 FY26, up 36% YoY, with PAT rising 30% to Rs 54 crore, supported by strong OEM, aftermarket, and subsidiary growth.
Read moreAuto & Auto Components
Lumax Auto Tech to fully acquire IAC India, boosting auto interiors presence
IAC India operates five manufacturing plants across India, with two located in Chakan, Pune, and one each in Manesar, Nashik, and Bangalore. It also houses a state-of-the-art engineering centre in P..
Read moreAuto & Auto Components
Lumax Auto buys 60% stake in Greenfuel Energy Solutions for Rs 153 crore
This acquisition marks entry of Lumax Auto Technologies into the green and alternate fuels segment (across CNG, hydrogen and other applications), which is expected to witness strong and accelerate..
Read moreRelated Products
Automotive Oil Pump
AUTO COMPONENTS & ACCESSORIES
Kalpak Auto Pvt Ltd offers a wide range of
automotive oil pump.
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
