Refex Green Mobility Limited (RGML) and Gensol Engineering Limited have issued a joint update addressing recent media speculation surrounding the proposed sale of 2,997 electric vehicle (EV) assets by Gensol to RGML. The companies confirmed that while the transaction has been agreed in principle, it is still subject to regulatory and financial approvals and completion of due diligence.
In a statement dated March 25, 2025, both firms reiterated that the process is ongoing, with Gensol providing full support by sharing all required documentation for review. The comprehensive evaluation currently underway includes financial, legal, and operational assessments to ensure transparency and compliance.
The companies clarified that the transaction has not been finalized yet, and until completion, the EV assets in question remain owned by Gensol and continue to operate under the BluSmart platform.
Both RGML and Gensol reaffirmed their commitment to responsible conduct, regulatory compliance, and long-term value creation as they move through this strategic transition.
Gensol Engineering, founded in 2012, is a prominent player in the renewable energy and e-mobility space. The company has executed over 770 MW of solar EPC projects and operates an advanced EV manufacturing facility in Pune.
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