Mumbai, Nov 27 (PTI) Lumax Resource has completed the acquisition of a 60 per cent stake in Greenfuel Energy Solutions' alternate fuel business for Rs 153.09 crore, a statement said on Tuesday.

It is the wholly-owned subsidiary of automotive systems and component maker Lumax Auto Technologies Limited (LATL).

Also Read | How To Update Mobile Number in Aadhaar Cards? As Aadhaar Card Update Deadline Extended, Know Step-by-Step Guide.

The move gives Lumax Auto Technologies entry into the green and alternate fuels segment (across CNG, hydrogen and other applications), which is likely to witness strong growth in the coming years, the company said.

The acquisition has been funded through a combination of debt and internal accruals, it added.

Also Read | What is PAN 2.0? Here’s Everything You Need to Know About New Upgrade to PAN Cards.

"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.

The company's focus, however, remains on establishing itself as a leading provider of systems and components in the evolving 'alternate fuels' segment to support its sustainable and profitable growth journey, he added.

Greenfuel is a supplier of high-pressure fuel delivery and storage systems, primarily for CNG and hydrogen automobiles and fire and smoke alarm, detection and suppression systems for the automotive industry, with OEMs like Maruti Suzuki, Tata Motors and Volvo Eicher Commercial Vehicles as its clients, the company said.

This partnership with Greenfuel provides LATL the opportunity to broaden and diversify its portfolio of solutions for automotive OEMs in India. As strategic partners, the management teams of Lumax and Greenfuel will collaborate to harness their respective strengths, unlocking the full potential of the business, it said.

Greenfuel's day-to-day business and operations will continue to be managed by its Managing Director and CEO Akshay Kashyap, and the existing professional management team.

"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," said Kashyap.

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.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)