Refex Green Mobility has entered into a strategic tie-up with Gensol Engineering Limited to take over 2,997 electric four-wheelers (e4Ws) in a significant move aimed at advancing sustainable mobility in India. The deal also involves the transfer of nearly INR 315 Crore in existing loan facilities from Gensol to Refex eVeelz, a subsidiary of Refex Industries Limited. This agreement marks a major step toward enhancing electric vehicle (EV) deployment in key Indian cities such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, where Refex eVeelz currently operates.
The vehicles will be leased to Blu-Smart Mobility Limited, a leading electric mobility platform, ensuring the vehicles continue to serve the electric mobility sector, particularly in the Delhi NCR and Bengaluru regions. The collaboration, however, remains subject to the approval of regulatory and financial stakeholders to ensure compliance with legal and financial standards.
Anil Jain, the Managing Director of Refex Industries Limited, expressed his enthusiasm about the partnership, highlighting that it aligns with the company’s long-term strategy of promoting green mobility solutions. He emphasized that the partnership with Gensol would strengthen their efforts to scale up electric mobility adoption and provide cleaner transportation solutions in India. Refex eVeelz is already operating over 1,000 electric cars and aims to expand this number further through this collaboration.
On the other hand, Anmol Singh Jaggi, the Managing Director of Gensol Engineering, stressed the importance of this tie-up in scaling up green mobility solutions while helping the company manage its financial obligations. He expressed satisfaction knowing that Refex eVeelz, a proven leader in the electric mobility space, would take charge of the vehicles, ensuring their continued contribution to sustainable transportation goals.
The agreement will involve several important steps, including the transfer of term loan responsibilities secured by Gensol for procuring the 2,997 e4Ws, the re-registration of the vehicles, and the establishment of a long-term lease arrangement with Blu-Smart Mobility. Both parties are committed to ensuring a smooth transition that meets all regulatory and operational requirements.
This partnership reflects the shared commitment of both companies to drive sustainability, foster innovation, and create long-term value for stakeholders within India’s rapidly growing electric mobility sector. The transaction is expected to play a key role in advancing the country’s transition to cleaner transportation options.
