M&A
Autocomp supplier Lumax acquires 60% stake in Greenfuel Energy Solutions’ fuel biz for Rs.153-Cr
Business Line Lumax Auto Technologies Ltd (LATL)
Gurugram-headquartered automotive systems and components supplier, Lumax Auto Technologies Ltd (LATL) , through its wholly-owned subsidiary, Lumax Resources, has acquired 60% stake in fellow Gurugram-based Greenfuel Energy Solutions’ alternate fuels business for INR 153.09 crore.The acquisition was funded through a combination of debt and internal accruals.Greenfuel is a supplier of high-pressure fuel delivery and storage systems (including related components and subsystems) primarily for CNG and hydrogen automobiles and fire and smoke alarms, detection and suppression systems for the automotive industry.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.
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