Lumax Auto Technologies Ltd has entered the green and alternate fuels sector by acquiring a 60% stake in Greenfuel Energy Solutions for Rs 153 crore.

The acquisition was made through Lumax Auto's wholly-owned subsidiary, Lumax Resources, and was financed through a combination of debt and internal accruals.

Greenfuel specializes in high-pressure fuel delivery and storage systems for CNG and hydrogen vehicles, as well as fire and smoke suppression systems for the automotive industry.

The company serves major OEMs such as Maruti Suzuki, Tata Motors, and Volvo Eicher Commercial Vehicles.

Greenfuel will continue to be led by Akshay Kashyap, the Managing Director and CEO.

The transaction was advised by KPMG Corporate Finance for Lumax Auto, while Grant Thornton provided guidance to Greenfuel, with legal support from Cyril Amarchand Mangaldas.