Gensol Engineering Limited (“Gensol”) and Refex Green Mobility Limited (“Refex eVeelz”) have announced a landmark strategic partnership to transfer 2,997 electric four-wheelers (e4Ws). This collaboration marks a significant step towards advancing sustainable mobility solutions across India, reinforcing both companies’ commitment to driving the transition to green transportation.
Key Highlights of the Partnership
- Streamlining Sustainable Mobility
Refex eVeelz will take over Gensol’s existing loan facility, ensuring streamlined operations and efficient deployment of the e4Ws in major markets such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune—cities where Refex eVeelz already has a robust presence. - Vehicle Leasing to Blu-Smart Mobility
Refex eVeelz plans to lease these 2,997 e4Ws to Blu-Smart Mobility Limited, a leading electric mobility platform. This move ensures uninterrupted service and promotes growth in the electric mobility sector, particularly in the Delhi NCR and Bengaluru regions. - Regulatory Compliance and Approvals
The transaction is subject to regulatory and financial stakeholder approvals to ensure compliance with all applicable laws and standards.
Statements from Leadership
- Mr. Anil Jain, Managing Director of Refex Industries Limited (parent entity of Refex Green Mobility Limited), shared:
“At Refex eVeelz, we are thrilled to partner with Gensol to accelerate the adoption of electric mobility at scale. This collaboration underscores our dedication to building a greener future. With over 1,000 electric cars already in operation, we aim to enhance stakeholder value and drive the nation’s transition to sustainable transportation.” - Mr. Anmol Singh Jaggi, Managing Director of Gensol Engineering Limited, added:
“This strategic partnership highlights our commitment to scaling green mobility solutions while achieving deleveraging of Gensol’s balance sheet. Knowing these vehicles will continue to support sustainable transportation through Refex eVeelz fills us with immense pride.”
Financial and Operational Framework
- Loan Transfer: The agreement includes the transfer of Gensol’s term loan responsibilities, amounting to approximately ₹315 Crore, availed from a leading financial institution for the procurement of the e4Ws.
- Re-registration and Lease: The vehicles will be re-registered and integrated into a long-term lease arrangement with Blu-Smart Mobility.
- Seamless Execution: Both Gensol and Refex eVeelz are dedicated to ensuring a smooth transition, adhering to all regulatory and operational requirements outlined in the agreement.
Commitment to Sustainability and Innovation
This collaboration signifies a unified vision for sustainability, innovation, and creating long-term value in the rapidly expanding electric mobility ecosystem. By pooling their strengths, Gensol and Refex eVeelz aim to drive the adoption of electric vehicles (EVs) at scale, contributing significantly to India’s green mobility revolution.
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