Gensol Engineering and Refex eVeelz announces strategic tie-up

Gensol Engineering (Gensol) and Refex Green Mobility (Refex eVeelz) have announced a strategic tie-up for the transfer of 2,997 electric four wheelers (e4Ws).

This strategic tie-up will involve Refex eVeelz assuming Gensol's existing loan facility amounting to nearly Rs 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.

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

The execution of this strategic tie-up will involve the transfer of term loan responsibilities availed by Gensol from a leading financial institution for the procurement of the said 2,997 e4Ws, re-registration of vehicles, and the establishment of a long-term lease arrangement with Blu-Smart Mobility.