BSE-listed entities Refex Industries Ltd and Gensol Engineering on Friday announced that the proposed plan of acquiring the latter’s 2,997 electric vehicles (EVs) by Refex Green Mobility Ltd, a subsidiary of the former, has been withdrawn.
In separate filings to stock exchanges, both companies stated that after constructive discussions and careful evaluation, they mutually decided not to proceed with the transaction. The decision was attributed to evolving commitments on both sides, making it difficult to conclude the deal within the initially planned timeline.
In January this year, Gensol Engineering and Refex Green Mobility Limited (Refex eVeelz) announced a strategic tie-up for the transfer of 2,997 electric four-wheelers (e4Ws).
As part of the agreement, Refex eVeelz will assume Gensol’s existing loan facility of about ₹315 crore, facilitating smoother operations and expanding e4W deployment across key cities, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune. Refex eVeelz had planned to lease these vehicles to Blu-Smart Mobility Ltd, supporting electric mobility growth in Delhi NCR and Bengaluru.
