Lumax Auto Applied sciences Restricted (LATL) has acquired a 60% stake in Greenfuel Power Options’ alternate fuels enterprise for INR 153.09 crores. This acquisition, executed by LATL’s subsidiary Lumax Assets Pvt Ltd, marks LATL’s entry into the inexperienced fuels sector. The deal was funded by debt and inside accruals, and goals to capitalise on the anticipated progress in CNG, hydrogen, and different alternate gas functions. Greenfuel provides gas supply techniques for CNG and hydrogen autos, and fireplace and smoke alarm techniques for the automotive business.LATL and Greenfuel JV
LATL’s acquisition offers them entry to Greenfuel’s present shopper base, which incorporates main automotive producers like Maruti Suzuki, Tata Motors, and Volvo Eicher Business Autos. Greenfuel has additionally developed key know-how partnerships to reinforce its choices. LATL intends to leverage these relationships and applied sciences to develop its product portfolio and improve its presence within the four-wheeler phase.
“This marks one other milestone in our long-term progress technique of forging strategic partnerships with business leaders. Because the CNG automobile market is poised for important progress, notably within the passenger automobile phase, we purpose to capitalise on this chance by delivering high-quality options to our prospects. Our focus stays on establishing ourselves as a number one supplier of techniques and elements within the evolving ‘alternate fuels’ phase, which can additional help our sustainable and worthwhile progress journey,” said Deepak Jain, Promoter Director of LATL.
“This partnership allows us to develop our product portfolio for key OEMs whereas growing our per-vehicle content material within the four-wheeler phase. Collaborating with Greenfuel, we purpose to capitalise on the numerous progress potential of this enterprise by leveraging synergies in buyer relationships, superior applied sciences, and manufacturing excellence,” commented Anmol Jain, Managing Director of LATL.
Broader portfolio
The acquisition gives LATL a chance to diversify its product portfolio for automotive OEMs in India. The administration groups of each corporations plan to collaborate strategically. Their mixed purpose is to place Greenfuel as a pacesetter within the alternate fuels techniques and elements market. Greenfuel’s each day operations will proceed beneath the management of Akshay Kashyap and the prevailing administration crew.
KPMG Company Finance suggested LATL on the acquisition, whereas Grant Thornton suggested Greenfuel. Cyril Amarchand Mangaldas offered authorized counsel to LATL. This acquisition represents a major step for LATL in coming into the inexperienced fuels market, leveraging Greenfuel’s experience and established buyer base. The collaboration goals to capitalise on the rising demand for alternate gas options within the automotive business. Each corporations see this partnership as a key driver of future progress and innovation in sustainable mobility.
“We’re enthusiastic about this strategic partnership with LATL, combining their intensive market presence and powerful buyer relationships together with our experience in alternate gas techniques. This collaboration is poised to ship important worth for all stakeholders whereas fostering innovation within the automotive business and advancing the transition to cleaner, extra sustainable mobility options,” talked about Akshay Kashyap, MD and CEO of Greenfuel.
