Lumax Auto Technologies Ltd., a leading manufacturer of automotive components, has acquired a 60% stake in GreenFuel Energy Solutions Pvt. Ltd., a start-up company engaged in the development of alternative energy solutions, for ₹153.09 crore. The acquisition is in line with Lumax Auto Technologies’ strategy to diversify its product portfolio and expand its presence in the emerging electric vehicle (EV) market. GreenFuel Energy Solutions has developed innovative solutions for EV charging, battery management, and energy storage.
According to Deepak Jain, Managing Director of Lumax Auto Technologies, “The acquisition of GreenFuel Energy Solutions is a significant step towards our goal of becoming a leading player in the EV market. We believe that GreenFuel’s innovative solutions will complement our existing product portfolio and enable us to offer a comprehensive range of solutions to our customers.”
GreenFuel Energy Solutions was founded in 2018 by a team of entrepreneurs with expertise in energy storage, battery management, and EV charging. The company has developed a range of products, including EV charging stations, battery management systems, and energy storage solutions.
The acquisition is expected to be completed by the end of the current fiscal year, subject to regulatory approvals. Lumax Auto Technologies plans to invest an additional ₹50 crore in GreenFuel Energy Solutions to support its growth plans.
The acquisition is seen as a strategic move by Lumax Auto Technologies to expand its presence in the EV market, which is expected to grow significantly in the coming years. The company plans to leverage GreenFuel Energy Solutions’ innovative solutions to offer a comprehensive range of EV-related products and services to its customers.
Lumax Auto Technologies is a leading player in the Indian automotive components industry, specializing in a diverse range of products for both two-wheelers and four-wheelers. As part of the larger Lumax-DK Jain Group, the company has established itself as a key supplier to major original equipment manufacturers (OEMs) in India, providing solutions such as lighting systems, chassis, and other critical components.
With a strong focus on innovation and quality, Lumax Auto continually invests in new technologies to meet evolving industry demands, including a recent foray into the green and alternative fuels segment. This strategic expansion reflects the company’s commitment to sustainability and future-oriented mobility solutions.
