Gensol Engineering Refex Green – ‘Mutually decided not to proceed’: Gensol shares update on takeover of EV assets by Refex Green
Crisis-hit Gensol Engineering on Friday said it mutually decided not to proceed with the proposed asset takeover of 2,997 electric vehicles (EVs) by Refex Green Mobility Ltd (RGML). Gensol’s EV assets operate on the BluSmart platform.
“RGML after constructive discussions and due consideration, has mutually decided with Gensol Engineering not to proceed with the proposed transaction for the takeover of vehicles from Gensol. 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,” BluSmart’s parent stated in a BSE filing.
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