Refex Industries Limited — Updates, 25-03-2025: Press Release

Refex Green Mobility Limited and Gensol Engineering Limited are currently in discussions about the proposed sale of 2,997 electric vehicle (EV) assets from Gensol to RGML. The companies have established a tie-up for the asset takeover, pending necessary financial and regulatory approvals, as well as the completion of due diligence. While the terms of the transaction have been mutually agreed upon and a comprehensive evaluation is in progress, including legal and operational facets, the transaction has not yet been finalized. Until completion, these EV assets will remain under Gensol's ownership and will continue to operate on the BluSmart platform. Both companies are committed to transparency and regulatory compliance throughout this process, emphasizing their dedication to responsible operations and long-term value creation. Investors should note the ongoing nature of this evaluation as an opportunity for potential growth in the electric mobility sector.