Refex Green Mobility assumes Gensol’s 2,997 EVs in a strategic partnership, driving sustainability in electric mobility across key Indian cities.
In a groundbreaking development, Gensol Engineering Limited and Refex Green Mobility Limited have joined forces in a strategic partnership. This agreement involves the transfer of 2,997 electric four-wheelers (e4Ws) and marks a major milestone in promoting sustainable transportation solutions across key Indian cities.
The share price of Gensol has surged by 4.80% as of 11:35 AM on 16 January 2025.
Key Highlights of the Partnership
- Deal Overview: Refex Green Mobility will assume Gensol’s existing loan facility amounting to nearly ₹315 crores.
- Operational Focus: This partnership will enhance the deployment of e4Ws in key markets such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.
- Future Prospects: Refex plans to lease the acquired vehicles to Blu-Smart Mobility Limited, ensuring seamless operations in Delhi NCR and Bengaluru.
Leadership Statements
- Anil Jain, Managing Director, Refex Industries Limited:
Jain expressed pride in partnering with Gensol, reaffirming Refex’s commitment to scaling electric mobility. He highlighted Refex eVeelz’s existing fleet of over 1,000 electric cars and its mission to accelerate India’s transition to cleaner transportation solutions.
- Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited:
Jaggi stated that this collaboration allows Gensol to streamline its balance sheet while ensuring the vehicles contribute to the shared vision of sustainable mobility.
Strategic and Regulatory Framework
The tie-up involves several crucial steps:
- Loan Transfer: Refex Green Mobility will take over the term loans previously availed by Gensol for procuring the vehicles.
- Vehicle Re-registration: Compliance with regulatory requirements will be ensured.
- Long-term Leasing: A lease agreement with Blu-Smart Mobility will facilitate continued utilisation of the vehicles.
Both companies have pledged to meet all regulatory and operational requirements to ensure a smooth transition.
About the Companies
- Gensol Engineering Limited:
Established in 2012, Gensol is a leading player in solar EPC services and EV manufacturing. The company has a strong presence in renewable energy and offers EV leasing solutions for government entities, private corporations, and public sector units.
- Refex Green Mobility Limited (Refex eVeelz):
A subsidiary of Refex Industries Limited, Refex eVeelz is at the forefront of electric mobility solutions in India, with a proven track record of deploying sustainable transport options.
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