Lumax Auto Technologies Limited (LATL), a leading Tier-1 supplier of automotive systems and components, has acquired a 60% stake in Greenfuel Energy Solutions’ alternate fuels business for ₹153.09 crores through its wholly owned subsidiary, Lumax Resources Pvt Ltd. The acquisition, funded through a mix of debt and internal accruals, marks LATL’s foray into the rapidly growing green and alternate fuels segment, encompassing CNG, hydrogen, and related applications.
Greenfuel is a key supplier of high-pressure fuel delivery and storage systems, including components and sub-systems for CNG and hydrogen vehicles. Additionally, it specializes in fire and smoke alarm, detection and suppression systems for the automotive sector. The company serves major OEMs such as Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles. With strong technological collaborations, Greenfuel delivers advanced and competitive solutions, reinforcing its industry leadership.
Mr. Deepak Jain, Promoter Director of LATL, 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.”
Mr. 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.”
Mr. 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.”
The partnership with Greenfuel offers LATL an opportunity to expand and diversify its portfolio of solutions for automotive OEMs in India. As strategic partners, the management teams of Lumax and Greenfuel will collaborate to leverage their respective strengths, driving the business toward its full potential. Together, they aim to position Greenfuel as a leading player in systems and components for the alternate fuels segment.
Greenfuel’s daily operations will continue to be led by Mr. Akshay Kashyap and the existing professional management team, which has successfully built the platform over the years.
KPMG Corporate Finance served as exclusive advisors to LATL, while Grant Thornton advised Greenfuel. Cyril Amarchand Mangaldas acted as legal counsel to LATL.
