Gensol Engineering Limited (Gensol) has entered a landmark strategic tie-up with Refex Green Mobility Limited (Refex eVeelz) to transfer 2,997 electric four-wheelers (e4Ws). This move highlights both companies’ commitment to scaling sustainable mobility solutions in India.
Key Details of the Tie-Up:
- Loan Transfer: Refex eVeelz will assume Gensol’s existing loan facility of approximately ₹315 crore.
- Deployment Expansion: The e4Ws will be deployed across key cities, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, where Refex eVeelz operates.
- Leasing Partnership: Refex eVeelz will lease the vehicles to Blu-Smart Mobility Limited, a leading electric mobility platform, ensuring operational continuity in Delhi NCR and Bengaluru.
Leadership Commentary:
- Anil Jain, MD of Refex Industries Limited, emphasized the partnership’s alignment with their vision for a greener future. He noted Refex’s active fleet of over 1,000 electric cars and ongoing initiatives to expand its sustainable transportation solutions.
- Anmol Singh Jaggi, MD of Gensol Engineering Limited, highlighted that the partnership not only scales green mobility but also enables Gensol to deleverage its balance sheet.
Operational and Strategic Impact:
The tie-up involves transferring Gensol’s term loan, re-registering the vehicles, and establishing a long-term lease agreement with Blu-Smart Mobility. Both companies are committed to ensuring regulatory compliance and a seamless transition.
About Gensol Engineering:
Founded in 2012, Gensol Engineering specializes in solar energy solutions and has diversified into electric vehicle production and leasing. The company has executed over 600 MW of solar installations globally and operates a state-of-the-art EV production facility in Pune.
This strategic partnership underscores a shared commitment to sustainability and innovation in the rapidly evolving electric mobility sector.
