Lumax Auto Technologies Has Acquired 60% Stake in Greenfuel Energy Solutions

Lumax Auto Technologies Ltd. stands as a prominent entity in the Indian automotive component sector, serving both local and global markets. It is part of the Lumax Group, which boasts a history of more than fifty years in the automotive field. The company specializes in producing a diverse array of components, such as lighting systems, gear shifters, oxygen sensors, and other essential vehicle parts. Lumax Auto Technologies supplies major Original Equipment Manufacturers (OEMs) in the two-wheeler, three-wheeler, and four-wheeler categories and is recognized for its commitment to innovation, quality, and technological progress.

Lumax Auto Technology Acquired a 60% Stake In Greenfuel Energy Solutions

Lumax Auto Technology shares rose by 6.8% during Wednesday’s trading session, reaching an intraday peak of Rs 547.85 per share on the BSE. The stock gained momentum following the company’s acquisition of a 60% interest in Greenfuel Energy Solutions.

According to the filing, “Lumax Auto Technologies Limited (“LATL”), a prominent Tier-1 supplier of automotive systems and components, has finalized the acquisition of a 60% stake in the alternate fuels division of Greenfuel Energy Solutions for Rs 153.09 crore through its wholly owned subsidiary, Lumax Resources Pvt Ltd.”

Lumax Auto enters the green and alternative fuels segment

According to the company, this acquisition allows Lumax Auto to enter the green and alternative fuels market, including CNG, hydrogen, and various other applications, which is anticipated to experience significant and rapid growth in the near future. Green Fuel supplies to companies such as Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles, among others.

MD Anmol Jain of Lumax Auto Technologies stated

“This collaboration allows us to broaden our product offerings for essential OEMs while boosting our vehicle contributions in the four-wheeler market. By collaborating with Greenfuel, we hope to capitalise on the significant growth opportunities in this sector through improved synergies in customer relations, cutting-edge technologies, and manufacturing prowess,” said Anmol Jain, managing director of Lumax Auto Technologies.

Lumax Auto Technologies’ Market Capitalisation Was Rs. 3,566.69 Crore

The current stock price of Lumax Auto Technologies is Rs. 524.60 per share, with the company’s market capitalization at Rs. 3,566.69 crore. The stock has been actively traded at Rs. 548.00 on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.