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
Government aims at 30% ethanol blending with petrol by 2030
Rio Tinto and AMG Metals & Materials to assess low-carbon aluminium project in India
Gasum selects Wärtsilä for another bioLNG project in Sweden
V. secures full management contract with International Seaways
Italian container terminal to cut operational emissions with electric Konecranes
MOL and Tokyo Gas to Install World’s Second Wind Challenger to New LNG Vessel
Azane Unveils New Subsidiary to Drive Ammonia Bunkering Development Oslo, Norway
IKEA Drives a Green Revolution in Indian Logistics with Electric Freight Truck