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This deal aims to boost the deployment of electric vehicles across major urban markets while promoting cleaner and greener transportation solutions.
As part of the agreement, Refex eVeelz will assume Gensol’s existing facility, valued at approximately ₹315 crore, and integrate these vehicles into its existing fleet operations in Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.
Additionally, Refex eVeelz plans to lease these vehicles to Blu-Smart Mobility Ltd, a leading electric mobility platform, ensuring their utilisation in Delhi NCR and Bengaluru.
The deal will be subject to necessary approvals from regulatory and financial stakeholders to ensure compliance with all applicable laws.
“At Refex eVeelz, we are pleased to partner with Gensol to drive the adoption of electric mobility at scale. This collaboration is a testament to our unwavering dedication to building a greener tomorrow,” Anil Jain, Managing Director of Refex Industries Ltd, the parent company of Refex Green Mobility Limited, said.
“This collaboration underscores our commitment to scaling green mobility solutions while achieving the deleveraging of Gensol’s balance sheet,” Anmol Singh Jaggi, Managing Director of Gensol Engineering, said
Opening higher at ₹750.05 apiece on the BSE, shares of Gensol Engineering Ltd. rose 7.1% to touch an intraday high of ₹ 782.20. The shares trading 5.42% higher at ₹769.25 on the BSE around 9.52 am. The stock has risen 3.3% in the last five trading sessions while declining 1.54% in over a month. Gensol Engineering shares have slipped over 21% in the past six months and fell 8.1% in a year.
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