New Delhi, November 27
Automotive systems and components supplier, Lumax Auto Technologies Limited (LATL), on Tuesday said it has completed the acquisition of 60 per cent stake in Greenfuel Energy Solutions’ alternate fuels business for ₹153.09 crore.
The acquisition was led through its wholly-owned subsidiary, Lumax Resources, the company said, adding that the acquisition has been funded through a combination of debt and internal accruals.
This acquisition marks LATL’s entry into the green and alternate fuels segment.
Greenfuel is a supplier of high-pressure fuel delivery and storage systems (including related components and sub-systems) primarily for CNG and hydrogen automobiles and fire and smoke alarm, detection and suppression systems for the automotive industry.
It is a supplier of original equipment manufacturers including Maruti Suzuki, Tata Motors and Volvo Eicher Commercial Vehicles among others.
Capitalising CNG market
“As the CNG vehicle market is poised for significant growth, particularly in the passenger vehicle segment, we aim to capitalise on this opportunity by delivering high-quality solutions to our customers,” said, Deepak Jain, Promoter Director of LATL.
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, the company added.