Gensol Engineering Limited — Updates, 25-03-2025: Press Release

Refex Green Mobility Limited and Gensol Engineering Limited have provided an update regarding the proposed sale of 2,997 electric vehicle (EV) assets. They have entered into a tie-up for the asset takeover, currently undergoing due diligence and awaiting the necessary financial and regulatory approvals to proceed. Gensol has actively supported the evaluation process, ensuring transparency and compliance. Despite recent media speculation, the transaction is not yet finalized, and the EV assets will remain under Gensol’s ownership, continuing their operations on the BluSmart platform until completion. Both companies are committed to responsible operations and long-term value creation. Investors should monitor this process closely as it could impact the companies' strategic direction and operational capacity in the EV sector.