Refex Industries Limited — Updates, 16-01-2025: Press Release

Refex Green Mobility Limited has formed a strategic tie-up with Gensol Engineering Limited to acquire 2,997 electric four-wheelers (e4Ws). This partnership aims to enhance sustainable mobility solutions across cities like Chennai, Bengaluru, Hyderabad, Mumbai, and Pune. Refex eVeelz will take over Gensol's loan facility of approximately INR 315 Crore, facilitating streamlined operations and greater deployment of e4Ws in key markets.

After the acquisition, Refex eVeelz plans to lease these vehicles to Blu-Smart Mobility Limited, a prominent player in the electric mobility sector, enhancing growth prospects in the Delhi NCR and Bengaluru regions. The collaboration reflects both companies' commitment to promoting cleaner transportation and sustainable practices, with Refex eVeelz already operating over 1,000 electric vehicles. This partnership presents a positive outlook for Refex, positioning it to capitalize on the growing electric mobility market in India. Investors may want to watch this development closely for its implications on long-term growth and value creation.