In a major step to promote sustainable mobility in India, Refex Green Mobility has partnered with Gensol Engineering Limited to acquire 2,997 electric four-wheelers (e4Ws). As part of the agreement, Gensol will also transfer about INR 315 Crore in current loan facilities to Refex eVeelz, a division of Refex Industries Limited. In important Indian cities where Refex eVeelz presently operates, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, this arrangement represents a significant step in expanding the deployment of electric vehicles (EVs).
In order to ensure that the vehicles continue to service the electric mobility sector, especially in the Bengaluru and Delhi NCR regions, they will be leased to Blu-Smart Mobility Limited, a prominent electric mobility platform. To guarantee adherence to legal and financial norms, the partnership is still contingent upon regulatory and financial stakeholders’ approval.
The agreement will entail a number of significant actions, such as the re-registration of the cars, the creation of a long-term lease agreement with Blu-Smart Mobility, and the transfer of term loan obligations obtained by Gensol for the purchase of the 2,997 e4Ws. Both sides are dedicated to making sure the transition goes well and satisfies all operational and legal standards.
This collaboration demonstrates both businesses’ dedication to promoting sustainability, encouraging innovation, and generating long-term benefit for all parties involved in India’s quickly expanding electric vehicle market. It is anticipated that the deal will significantly contribute to the nation’s shift to greener modes of transportation.