Lumax Auto Technologies said it has inked a pact to acquire a majority stake in Greenfuel Energy Solutions from its existing shareholders for an undisclosed amount.
The proposed acquisition will enable the company to enter into the green and alternate fuels segment which is expected to witness strong and accelerated growth in the coming years, Lumax Auto said in a statement.
Greenfuel is a supplier of high-pressure fuel delivery and storage systems primarily for CNG and hydrogen automobiles.
It also supplies fire and smoke alarm, detection and suppression systems for the automotive industry.
Greenfuel founder and CEO Akshay Kashyap said the collaboration is expected to unlock tremendous value for both stakeholders and drive innovation in the automotive sector, leading to a shift towards cleaner and more sustainable mobility solutions.
Recent Posts
Gremex Shipping fined in pollution case
CHIMBUSCO secures first LNG refueling service in Europe
Nations not doing enough to cut global emissions by 2.6%: UNFCCC
JSW-POSCO to set up greenfield steel plant in Odisha’s Keonjhar
ADB lauds India’s fossil fuel subsidy reforms
Zero-carbon ammonia for shipping faces challenges
Wärtsilä signs lifecycle agreement for 7 Capital Gas LNG carriers
ABS releases report on nuclear LNG carrier design