Refex Green Mobility to Acquire Gensol’s 2,997 EVs Along with ₹3.15 Billion Debt

Refex Green Mobility Limited will acquire 2,997 electric four-wheelers from Gensol Engineering Limited as part of a strategic tie-up. The agreement involves the transfer of an associated term loan of Rs 3.15 billion, streamlining operations and supporting the deployment of these vehicles in markets such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, where Refex Green Mobility operates.

Following the acquisition, Refex Green Mobility plans to lease the vehicles to Blu-Smart Mobility Limited for operations in Delhi NCR and Bengaluru. The partnership will enable Gensol to deleverage its balance sheet and reduce its debt-equity ratio.

The agreement includes transferring Gensol’s loan facility, re-registering the vehicles, and establishing a long-term lease arrangement with Blu-Smart Mobility. The transaction is subject to approvals from regulatory and financial stakeholders to ensure compliance with applicable laws.