Gensol Engineering Limited saw its shares climb 3.74% to ₹756.30 in today’s trading after announcing a significant strategic partnership with Refex Green Mobility Limited (Refex eVeelz). This collaboration underscores the companies’ shared vision for advancing sustainable mobility in India.
Key Highlights of the Partnership:
- EV Loan Transfer: Refex eVeelz will assume Gensol’s existing loan facility of ₹315 crore, ensuring financial efficiency.
- Electric Vehicle Deployment: 2,997 electric four-wheelers (e4Ws) will be integrated into Refex’s operations across major cities such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.
- Long-Term Leasing: The vehicles will be leased to Blu-Smart Mobility Limited, a top electric mobility platform, ensuring uninterrupted operations in Delhi NCR and Bengaluru.
Leadership Insights:
- Anil Jain, MD of Refex Industries Limited, expressed the partnership’s alignment with their vision to lead in sustainable transportation. He highlighted Refex’s fleet of over 1,000 electric cars and its ongoing expansion efforts.
- Anmol Singh Jaggi, MD of Gensol Engineering Limited, emphasized that the partnership facilitates green mobility growth while helping Gensol deleverage its balance sheet.
Strategic and Operational Impact:
This partnership involves re-registering vehicles, transferring loans, and creating a seamless operational framework under a long-term lease agreement with Blu-Smart Mobility. Both companies aim to achieve regulatory compliance and ensure a smooth transition.
About Gensol Engineering: Established in 2012, Gensol specializes in solar energy solutions and has expanded into electric vehicle production and leasing. With over 600 MW of global solar installations, the company operates an advanced EV production facility in Pune.
