<ul><li>Refex Green Mobility has abandoned its plans to takeover vehicles from Gensol Engineering due to evolving commitments at both ends that would make it challenging to conclude the transaction within the originally envisaged timeline.</li><li>Refex Industries subsidiary, Refex Green Mobility, was set to take over 2,997 electric four-wheelers from Gensol and lease them to BluSmart, in addition to assuming Gensol's existing debt of nearly Rs 315 crore.</li><li>Gensol is currently facing liquidity challenges, with a debt of Rs 1,146 crore against a reserve of Rs 589 crore. A Rs 600 crore fundraising initiative was recently approved by Gensol's board to strengthen the company's financial position.</li><li>BluSmart, the EV ride-hailing firm leasing vehicles from Gensol, is also facing funding troubles. There were reports of Uber acquiring BluSmart, but the founder has denied acquisition talks.</li></ul>

Refex Green Mobility drops plans with Gensol to take over BluSmart cabs

Discover more