Gensol Engineering Limited — Updates, 16-01-2025: Press Release

Gensol Engineering Limited has formed a strategic tie-up with Refex Green Mobility to transfer 2,997 electric four-wheelers (e4Ws). This collaboration marks a significant advancement in sustainable mobility solutions in India, with Refex eVeelz set to take on Gensol's existing loan facility of approximately INR 315 Crore. The partnership aims to streamline operations and boost the deployment of e4Ws in major markets like Chennai, Bengaluru, Hyderabad, Mumbai, and Pune. Refex eVeelz intends to lease these vehicles to Blu-Smart Mobility Limited for operations in Delhi NCR and Bengaluru, reinforcing the growth of electric mobility.

Both companies emphasize their commitment to sustainability and innovation, with Gensol highlighting a dual focus on facilitating greener transportation while deleveraging its balance sheet. The strategic tie-up is expected to create long-term value for stakeholders and necessitates approvals from regulatory and financial parties to ensure compliance. This move not only enhances Gensol's operational capabilities but also positions it favorably within the evolving electric mobility landscape.