BluSmart not for sale; its total debt at all-time low

Over the past fortnight, BSE-listed solar project builder Gensol Engineering has seen a series of downgrades from rating agencies over allegations of delayed debt payments, document falsification, and a poor liquidity position. This has also impacted BluSmart, the electric ride-hailing startup with promoter cross-holdings in Gensol. ANMOL JAGGI, founder of Gensol Group and co-founder of BluSmart Mobility, denies any rumours of selling his business. In an exclusive interview with Shreya Jai in New Delhi, Jaggi elaborates on financing plans, the issues under investigation, and the way forward. Edited excerpts:

- ANMOL JAGGI

Gensol has faced rating downgrades, and there are allegations of falsifying documents. What is the company doing?

We had a working capital or liquidity mismatch in February this year, and during that time, a few of our debt obligations were not serviced on time. Because of that, CARE and Icra (the rating agencies) downgraded our rating to 'D'. We are not a non-performing asset, which occurs if there is a delay of 90 days. Any overdue debt is less than 30 days due. However, according to the rating agency, even if you have not repaid a debt of one rupee for one hour, the company has to be D-rated.

There is also an allegation of document falsification. We are forming a committee of experts, comprising a senior law firm and one of the Big Four, to look into the matter. They will present their findings to the board, which will take necessary action accordingly.

The management has worked extremely hard to build our credentials. Regarding the falsification of documents, neither my brother nor I, nor anyone from the senior leadership team, was aware of it. The investigation findings will provide a clearer picture.

Right now, the focus is on running the business as usual. All our projects are on track.

What about the concerns regarding delayed debt repayment? What is the status of equity infusion?