Refex Green Mobility will acquire Gensol’s 2,997 electric vehicles (EV) and assume the associated debt of ₹3.15 billion (~$36.43 million).

This strategic tie-up will involve Refex group’s electric four-wheeler (e4W) fleet company, Refex eVeelz, assuming Gensol’s existing loan facility, streamlining operations, and enhancing the deployment of e4Ws across key markets, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.

Refex eVeelz plans to lease these vehicles to Blu-Smart Mobility, an electric mobility platform operating in Delhi NCR and Bengaluru.

The move will involve Gensol transferring term loan responsibilities from a leading financial institution to procure the e4Ws, re-registering vehicles, and establishing a long-term lease arrangement with Blu-Smart Mobility.

Anmol Singh Jaggi, Managing Director of Gensol Engineering, said the deal will substantially reduce its debt-equity ratio and create sizeable headroom for future growth initiatives.

Refex group’s green mobility vertical comprises Refex Green Mobility and Refex EV Fleet Services.

Since its launch in March 2023, Refex eVeelz has covered 22 million km and saved 1445.12 tons of CO2 equivalent gases.

The company has been servicing flyers at the Kempegowda International Airport, Bengaluru, with a fleet of 175 compact SUVs.

In 2024, the Union Cabinet approved the PM E-DRIVE program, which has a total outlay of ₹109 billion (~$1.29 billion) and focuses on providing demand incentives, deploying electric vehicles, and developing charging infrastructure to support wider EV adoption.

The program allocates ₹36.79 billion ($438.1 million) in subsidies to promote electric two-wheelers, three-wheelers, e-ambulances, e-trucks, and e-buses.

EV sales in India reached a record 1.95 million units in 2024, an over 27% growth year over year compared to the 1.53 million units sold in 2023. The EV market consistently surpassed the 100,000-unit mark every month, with October registering the highest sales at 219,527 units, followed by March with 213,068 units and November with 192,681 units.