Refex Green Mobility to Acquire Gensol’s 2,997 EVs & Associated Debt of Rs 315 Crore

Gensol Engineering Limited and Refex Green Mobility Limited have entered into a strategic tie-up for the transfer of 2,997 electric four-wheelers (e4Ws) owned by Gensol to Refex. This strategic tie-up will involve Refex eVeelz assuming Gensol’s existing loan facility, streamlining operations, and enhancing the deployment of e4Ws across key markets, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune where Refex eVeelz currently operates.

Refex eVeelz subsequently proposes to lease these said 2,997 vehicles to Blu-Smart Mobility Limited, a leading electric mobility platform promoted promoted by Gensol founders Anmol Jaggi and Puneet Jaggi, besides Puneet Goyal. Blu Smart leases a significant portion of it’s electric vehicle fleet from Gensol however, a factor that has stretched the listed Gensol’s balance sheet at a time when the core business of solar EPC and more is looking up significantly,

The transaction will be subject to receiving approvals from all regulatory and financial stakeholders to ensure compliance with applicable laws and standards.

Anil Jain, Managing Director of Refex Industries Limited (holding entity of Refex Green Mobility Limited), said:

“At Refex eVeelz, we are pleased to partner with Gensol to drive the adoption of electric mobility at scale. This collaboration is a testament to our unwavering dedication to building a greener tomorrow. By integrating this opportunity with our strategic initiatives, we aim to deliver greater value to stakeholders while advancing the nation’s transition to cleaner transportation solutions in addition to several such initiatives that we are undertaking where we are already plying more than 1,000 electric cars.”

Anmol Singh Jaggi, Managing Director of Gensol Engineering Limited, added:

“This strategic collaboration underscores our commitment to scaling green mobility solutions while achieving the deleveraging of Gensol’s balance sheet. Seeing the vehicles being transferred to a proven and leading player like Refex eVeelz, gives us immense satisfaction, knowing they will continue to contribute to our collective mission of sustainable transportation.”

The execution of this strategic tie-up will involve the transfer of term loan responsibilities availed by Gensol from a leading financial institution for the procurement of the said 2,997 e4Ws amounting to nearly INR 315 Crore, re-registration of vehicles, and the establishment of a long-term lease arrangement with Blu-Smart Mobility.