Lumax Auto Applied sciences on Saturday mentioned it has inked a pact to amass a majority stake in Greenfuel Vitality Options from its current shareholders for an undisclosed quantity.
The proposed acquisition will allow the corporate to enter into the inexperienced and alternate fuels phase which is anticipated to witness robust and accelerated progress within the coming years, Lumax Auto mentioned in an announcement.
Greenfuel is a provider of high-pressure gas supply and storage techniques primarily for CNG and hydrogen cars.
It additionally provides fireplace and smoke alarm, detection and suppression techniques for the automotive trade.
It’s a provider to key OEMs, together with Maruti Suzuki, Tata Motors and Volvo Eicher Industrial Autos, amongst others.
“With the CNG car market anticipated to witness robust progress, particularly within the passenger car phase, we are going to look to leverage this platform to ship high-quality options to our clients and be an trade chief for techniques and parts within the alternate fuels phase,” Lumax Auto promoter director Deepak Jain mentioned.
Greenfuel founder and CEO Akshay Kashyap mentioned the collaboration is anticipated to unlock great worth for each stakeholders and drive innovation within the automotive sector, resulting in a shift in the direction of cleaner and extra sustainable mobility options.