Gensol Engineering share price rises 7% on strategic tie-up in EV space with Refex Green Mobility

Stock Market Today: Gensol Engineering Ltd share price gained more than 7% in the morning trades on Thursday. The company announced strategic tie-up in EV space with Refex Green Mobility

Gensol Engineering share price opened at ₹750.05 on the BSE on Thursday., almost 2.8% higher than the previous closing price of ₹729.70. Gensol Engineering share price thereafter gained to intraday highs of ₹782.20 , which meant gains of more than 7%

Gensol Engineering Ltd in the early hours of Thursday 16 January announced that Refex Green Mobility is Set To Take Over Gensol's 2,997 EV in Landmark Strategic Tie-up. The same mean that strategic tie up is for the transfer of 2,997 electric four wheelers (e4Ws) of Gensol Engineering to Refex Green Mobility .

As per the press release on the exchanges Gensol Engineering Limited and Refex Green Mobility Limited (“Refex eVeelz”) are pleased to announce a strategic tie-up for the transfer of 2,997 electric four-wheelers (e4Ws).

This step as per Gensol Engineering is a significant one for strengthening sustainable mobility solutions in India. This strategic tie-up as per Gensol will involve Refex eVeelz assuming Gensol’s existing loan facility amounting to nearly ₹315 Crore and streamlining operations, as well as enhancing the deployment of e4Ws across key markets,. These key makets include Chennai, Bengaluru, Hyderabad, Mumbai, and Pune where Refex eVeelz currently operates.

Refex eVeelz subsequently proposes to lease these said 2,997 vehicles to Blu-Smart Mobility Limited, a leading electric mobility platform, ensuring seamless continuity and growth in the electric mobility sector at Delhi NCR & Bengaluru.

The transaction as per the company however will be subject to receiving approvals from all regulatory and financial stakeholders to ensure compliance with applicable laws and standards.

For Refex Industries,integrating this opportunity with its strategic initiatives, the aim is to deliver greater value to stakeholders as per Anil Jain, Managing Director of Refex Industries, while advancing the nation's transition to cleaner transportation solutions in addition to several such initiatives that thee company is undertaking where ite already plying more than 1,000 electric cars

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