The share price of Gensol Engineering Ltd. increased by almost 7% during Thursday’s early trading. The business partnered strategically with Reflex Green Mobility in the EV industry.
Gensol Engineering Shares Surge 7% Following EV Partnership Announcement:
Following the announcement of the EV Partnership, Gensol Engineering Shares Rise 7%: In Thursday morning trading, the share price of Gensol Engineering Ltd. increased by almost 7%. The business partnered strategically with Reflex Green Mobility in the EV industry.
The price of Gensol Engineering’s shares began Thursday at ₹750.05 on the BSE, over 2.8% higher than the closing price of ₹729.70. The share price of Gensol Engineering then surged to intraday highs of ₹782.20, representing gains of almost 7%.
On Thursday, January 16, Gensol Engineering Ltd. said that Refex Green Mobility would acquire Gensol’s 2,997 EV in a historic strategic partnership. This strategic partnership also pertains to Gensol Engineering’s transfer of 2,997 electric four-wheelers (e4Ws) to Reflex Green Mobility.
Gensol Engineering Limited and Refex Green Mobility Limited (“Refex eVeelz”) are happy to announce a strategic partnership for the transfer of 2,997 electric four-wheelers (e4Ws), according to the press release on the exchanges.
Gensol Engineering states this move is crucial for bolstering India’s sustainable mobility options. Refex eVeelz will take over Gensol’s current loan facility, which is valued at about ₹315 crore, as part of this strategic partnership, according to Gensol. This would streamline operations and improve the deployment of e4Ws in essential markets. The main cities where Refex eVeelz conducts business are Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.
To ensure smooth continuation and expansion in the electric mobility business in Bengaluru and Delhi NCR, Refex eVeelz suggests leasing these 2,997 cars to Blu-Smart Mobility Limited, a prominent electric mobility platform.
All financial and regulatory parties must approve the company’s transaction to guarantee compliance with relevant laws and regulations.
By combining this opportunity with its strategic initiatives, Refex Industries hopes to increase value for stakeholders, according to Anil Jain, Managing Director of Refex Industries, while promoting the country’s shift to cleaner transportation options. The company already operates over 1,000 electric vehicles as part of these initiatives.
