Gensol Engineering hits upper circuit after company announces strategic partnership with Refex Green Mobility

Gensol Engineering and Refex Green Mobility (Refex eVeelz) have entered into a strategic tie-up to transfer 2,997 electric four-wheelers (e4Ws). This step is significant in strengthening sustainable mobility solutions in India.

This strategic tie-up will involve Refex eVeelz assuming Gensol Engineering’s existing loan facility amounting to nearly ₹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.

However, the transaction will need approvals from all regulatory and financial stakeholders to ensure compliance with applicable laws and standards.

The company holds a strong order book at ₹2000 crore and ₹3,500 crore worth of order pipeline. The company has leased nearly 8,300 EVs till September 2024.

Mr. 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.

Refex eVeelz subsequently proposes leasing these 2,997 vehicles to Blu-Smart Mobility, a leading electric mobility platform, ensuring seamless continuity and growth in the electric mobility sector in Delhi NCR and Bengaluru.