Group cos BluSmart, Gensol spar over 4,000 leased EVs

Any reassignment of fleet would leave the ride-hailer with little more than its tech platform

- Ayaan Kartik & Manas Pimpalkhare

The twin bankruptcies of ride-hailer BluSmart Mobility Ltd and renewable energy firm Gensol Engineering Ltd—related parties from the same promoter group—have collided over control of thousands of electric vehicles (EVs) that are now lying idle.

BluSmart, which had leased more than 4,000 electric cars from Gensol—over half its overall fleet—is trying to ensure that Gensol does not reassign the leases unilaterally to other ride-hailing companies. Such a move, its resolution professional said, could jeopardise BluSmart’s bankruptcy resolution process.

In July, Gensol’s interim resolution professional (IRP) issued an advertisement inviting bids to lease 4,000 cars to companies for monthly leases. Gensol had purchased these EVs with loans from state-run financiers, including PFC and Indian Renewable Energy Development Agency Ltd (Ireda).