Gensol Engineering Limited and Refex Green Mobility Limited have entered into a strategic partnership for the transfer of 2,997 electric four-wheelers (e4Ws), marking a major step toward advancing sustainable mobility in India.
As part of the agreement, Refex eVeelz will assume Gensol’s existing INR 315 Crore loan, streamlining operations and expanding the deployment of e4Ws in key cities like Chennai, Bengaluru, Hyderabad, Mumbai, and Pune. The vehicles will be leased to Blu-Smart Mobility Limited, supporting continued growth in Delhi NCR and Bengaluru’s electric mobility sectors.
The transaction is subject to necessary approvals from regulatory and financial authorities.
Mr. Anil Jain, Managing Director of Refex Industries, expressed excitement about the collaboration, stating that it supports Refex’s commitment to a greener future and will help scale electric mobility solutions in India. Mr. Anmol Singh Jaggi, Managing Director of Gensol, noted the strategic nature of the partnership, which will also aid in the company’s balance sheet deleveraging.