Refex Green Mobility Limited has announced its acquisition of 2,997 electric four-wheelers from Gensol Engineering Limited as part of a strategic collaboration aimed at enhancing its fleet and expanding its electric vehicle (EV) operations across key Indian markets. The acquisition, which includes the transfer of an associated term loan of Rs 3.15 billion, will streamline operations and bolster the deployment of these eco-friendly vehicles in major cities like Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, where Refex Green Mobility currently operates.
Following this acquisition, Refex Green Mobility plans to lease the electric vehicles to Blu-Smart Mobility Limited for use in Delhi NCR and Bengaluru. This partnership is expected to not only support Blu-Smart’s expansion but also contribute to the ongoing shift towards sustainable transportation in urban areas. By leasing these vehicles, Refex Green Mobility will further strengthen its commitment to reducing carbon emissions and promoting green mobility solutions across India.
This move will also enable Gensol Engineering to reduce its debt-equity ratio by deleveraging its balance sheet, a strategic step towards improving financial stability. The transaction involves several steps, including the transfer of Gensol’s loan facility, re-registration of the vehicles, and setting up a long-term lease agreement with Blu-Smart Mobility.
The deal is subject to necessary regulatory and financial approvals to ensure compliance with all applicable laws, as both companies look to expand their presence in the rapidly growing electric mobility sector in India.