Refex Green Mobility Limited (Refex eVeelz), a subsidiary of Refex Industries Limited, is poised to take a major leap forward in India’s electric mobility sector with a significant partnership with Gensol Engineering Limited. On January 16, 2025, both companies announced a strategic tie-up involving the transfer of 2,997 electric four-wheelers (e4Ws) from Gensol to Refex eVeelz. This move is part of Refex's ongoing commitment to advancing sustainable mobility solutions across India.

The Strategic Tie-Up and Its Importance
The partnership will see Refex eVeelz assume Gensol’s existing loan facility of approximately INR 315 Crore, which was used for procuring the 2,997 electric vehicles. This transaction not only strengthens Refex’s presence in the rapidly growing electric vehicle market but also solidifies its role in the green mobility sector. The collaboration will help expand Refex eVeelz’s operational footprint in key cities like Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, where it is already operational.

Furthermore, the vehicles acquired from Gensol will be leased to Blu-Smart Mobility Limited, a leading electric mobility platform operating in Delhi NCR and Bengaluru. This step is expected to promote growth and continuity in the electric vehicle sector, particularly in the urban transport space. The lease agreement is set to provide a seamless transition and ensure the scalability of electric mobility services in India’s rapidly evolving markets.

A Commitment to Sustainability
Anil Jain, the Managing Director of Refex Industries Limited, expressed great enthusiasm about this collaboration. He stated that the partnership with Gensol marks an important milestone for Refex eVeelz in its mission to expand electric vehicle adoption across India. With this strategic move, Refex eVeelz aims to further its vision of building a greener tomorrow by leveraging the growing momentum towards cleaner transportation solutions. This deal not only enhances Refex’s stake in the EV space but also boosts the operational efficiency of Refex Green Mobility, which is already operating more than 1,000 electric cars.

Gensol’s Perspective
On the other hand, Gensol Engineering Limited, led by Managing Director Anmol Singh Jaggi, sees this partnership as a step forward in scaling green mobility solutions while also improving its financial position. The tie-up enables Gensol to achieve balance sheet deleveraging while ensuring that the electric vehicles continue to contribute positively to the sustainability agenda. Gensol's focus remains on its overarching goal of sustainable transportation through such collaborations.

Regulatory and Operational Requirements
The execution of this partnership is contingent on receiving approvals from various regulatory and financial stakeholders, ensuring full compliance with applicable laws and standards. Both Gensol and Refex eVeelz are dedicated to maintaining operational transparency and fulfilling all regulatory requirements as per the terms of the agreement. This includes the re-registration of the 2,997 vehicles and establishing a long-term lease arrangement with Blu-Smart Mobility.

As Refex eVeelz and Gensol work together to drive forward this strategic tie-up, it demonstrates their shared commitment to sustainability, innovation, and the creation of long-term value in the electric mobility ecosystem.

The Future of Electric Mobility in India
This landmark partnership marks another significant step in India’s transition to electric mobility. With increasing urbanization and growing concerns over air pollution, the demand for electric vehicles is on the rise. Refex Green Mobility’s partnership with Gensol not only addresses this demand but also sets the stage for future growth in the electric vehicle leasing market. By leasing these vehicles to Blu-Smart Mobility, Refex is contributing to the growth of electric vehicle infrastructure in key metropolitan areas, helping to create a cleaner and more sustainable transportation network.

India's electric vehicle market is expected to grow rapidly over the next decade, and partnerships like this one will play a crucial role in shaping the future of transportation. As Refex eVeelz and Blu-Smart Mobility continue to collaborate, they are paving the way for a greener, more sustainable transportation ecosystem in India.

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With this collaboration between Refex eVeelz and Gensol, India’s electric vehicle future is looking brighter than ever.