Gensol Engineering shares jump 7% on EV transfer deal with Refex Green mobility

Over the past three months, shares of Gensol Engineering have fallen by over 9 percent

Shares of Gensol Engineering rose by more than 7 percent to Rs 782 each on January 16 after the company signed an agreement with Refex Green Mobility for the transfer of 2,997 electric four-wheelers.

This move marks a significant step in advancing sustainable mobility solutions in India. The partnership will see Refex eVeelz taking over Gensol's existing loan facility of nearly Rs 315 crore, optimising operations, and accelerating the deployment of electric four-wheelers (e4Ws) in key markets such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, where Refex eVeelz currently operates.

Refex eVeelz plans to lease the 2,997 vehicles to Blu-Smart Mobility, a leading electric mobility platform, to ensure continued growth and smooth operations in the electric mobility sector in Delhi NCR and Bengaluru.

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Anmol Singh Jaggi, Managing Director of Gensol Engineering, stated, "This strategic collaboration highlights our commitment to expanding green mobility solutions while also achieving balance sheet deleveraging for Gensol. We are pleased to see these vehicles being transferred to a proven leader like Refex eVeelz, ensuring they continue to contribute to our shared goal of sustainable transportation."

In another development, Gensol recently secured an EPC contract from a prominent public sector company for the development of a 275MW Solar PV Project at RE Solar Park, Khavda Rann in Kutch, Gujarat, valued at Rs 1,061.97 crore.

Over the past three months, shares of Gensol Engineering have fallen by over 9 percent, compared to a 4 percent drop in the benchmark Nifty 50 index. Earlier, the stock had reached a 52-week high of Rs 1,377 per share.

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