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Refex Green Mobility to Acquire 2,997 EVs from Gensol Engineering
Jan 17, 2025
Refex Green Mobility is acquiring 2,997 electric vehicles (EVs) from Gensol Engineering, along with Rs315 Cr in associated debt. The vehicles, managed by RefexeVeelz, will be leased to Blu-Smart Mobility, operating in Delhi NCR and Bengaluru.
This deal streamlines operations, reduces Gensol's debt-equity ratio, and supports Refex's expansion in key markets. RefexeVeelz, launched in March 2023, has saved 1,445 tons of CO2 and covered 22 million km. India's EV market grew 27% in 2024, driven by the Rs109 billion PM E-DRIVE program and record EV sales of 1.95 million units.