Refex Green Mobility (RGML), subsidiary of Refex Industries, has updated the recent development regarding the proposed asset takeover of 2,997 electric vehicle ('EV') from Gensol Engineering (Gensol). 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 Engineering. 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.

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