Refex Green withdraws plan to takeover Gensol's 3,000 EVs, cites 'challenges' to conclude deal

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26 Aug, 2025 12:21

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Refex Green Mobility, a wholly-owned subsidiary of Refex Industries, has withdrawn its proposal for takeover of 2,997 electric vehicles from Gensol Engineering, a company filing said on March 28, stating that it has mutually decided with Gensol to not proceed with the transaction owing to 'evolving commitments at both ends'.

The press statement, issued by both the companies said, "This decision has been arrived at due to the evolving commitments at both ends, which would make it challenging to conclude the transaction within the originally envisaged timeline. The parties have therefore agreed to not move forward with the transaction at this stage."

On January 16, Refex Green Mobility had announced a strategic tie-up with Gensol for the transfer of 2,997 EVs, amounting to nearly Rs 315 crore. Subsequently, Refex would have leased the same vehicles to BluSmart, the exchange filing had said. Notably, BluSmart has been founded by the promoters of Gensol Engineering.

On March 25, Refex Green Mobility had denied reports claiming that the proposed takeover has been completed. "Until completion, the EV assets remain the property of Gensol and continue to operate on the BluSmart platform," the company said.

Gensol Engineering shares been in a strong decline in recent days, following multiple ratings downgrades owing to concerns over delays in servicing term loan obligations. The company has also been under scrutiny over allegations of falsified debt servicing documents, even it has denied any involvement in falsification, and has initiated an internal probe into the matter.

Shares of Gensol Engineering dropped 5 percent to close at Rs 185 apiece on March 28, marking the fourth consecutive session of hitting the lower circuit. Cumulatively, shares of Gensol have now fallen nearly 66 percent over the last one month, and are sharply down by 78 percent in the last six months. Shares of Refex Industries too ended with losses, falling nearly 2 percent to end the session at Rs 378 apiece on March 28.