Gensol to Transfer 2,997 EVs to Refex eVeelz to Accelerate EV Adoption Across India
This strategic tie-up will involve Refex eVeelz assuming Gensol’s existing loan facility amounting to nearly INR 315 crore, streamlining operations, and enhancing the deployment of e4Ws across key markets, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune where Refex eVeelz currently operates.
January 16, 2025. By Aishwarya
This step is a significant one towards strengthening sustainable mobility solutions in India. This strategic tie-up will involve Refex eVeelz assuming Gensol’s existing loan facility amounting to nearly INR 315 crore, 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 BluSmart Mobility Limited, an electric mobility platform, ensuring seamless continuity and growth in the electric mobility sector at Delhi NCR & Bengaluru.
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 Ltd. (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, re-registration of vehicles, and the establishment of a long-term lease arrangement with Blu-Smart Mobility. Both Gensol and Refex eVeelz are committed to ensuring a seamless transition and fulfilling all regulatory and operational requirements as per the terms of the agreement.
This collaboration reflects a shared commitment to sustainability, innovation, and the creation of long-term value for stakeholders in the rapidly evolving electric mobility ecosystem.
please contact: contact@energetica-india.net.
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix
Muthu Subramanian
MD & General Manager
From Charging to Swapping: How Yuma Energy is Changing EV Refueling