Gensol Engineering's first electric vehicle to roll out by January 2024

3W, 2-seater Reverse Troika to be introduced in the BluSmart fleet

Gensol Engineering, one of India’s largest green energy engineering, procurement and construction (EPC) and advisory companies, will launch its first electric vehicle (EV) by next year.

The company, which has set up a manufacturing unit in Pune and has plans for another in Sanand, has submitted a plan for approval of its first unit to the Automotive Research Association of India (ARAI).

“Our manufacturing facility is completely ready. ARAI approval is under process. After it is received, we can start production in 45 days. We are hopeful, we can start production in January,” said Anmol Jaggi, chairman and managing director, Gensol.

The plant in Chakan, Pune, would make three wheelers, two-seater reverse troika vehicles, which are “born electric”, said Jaggi in an interview to this paper last week at the company’s new office in Gurugram.

Gensol, established in Ahmedabad, has been listed on the BSE since 2019. Jaggi is also the co-founder of electric ride-hailing venture BluSmart. He said the first rollout of in-house EVs would be for the BluSmart fleet.

“Close to 90 per cent of BluSmart’s rides are single passenger rides. For one passenger, this is an ideal car. It will also reduce congestion. As compared to existing cabs, this will be Rs 18 per km, which is similar to autos. We can produce 2,500 cars a month. We will launch in cities where we have a charging infrastructure and service network,” Jaggi said.

The reverse troika design would be for cabs, passenger, and cargo vehicles.

Gensol currently procures cabs for BluSmart from Tata Motors, MG Motors and BYD. Gensol leases out these EVs to BluSmart. Expanding this business further, Gensol has started an EV leasing vertical as well.

The company has appointed Amit Kumar, former managing director of LeasePlan India, as chief executive officer (CEO) of its EV leasing business.

“The genesis of this new business was the trouble that we faced in procuring EVs for BluSmart. We had access to capital. So, we decided to start EV leasing as well. We have an order book of 919 cars for Rs 100 crore. We lease 2, 3 and 4 wheelers. We are looking to start leasing electric buses too,” Jaggi said.  

BluSmart is looking to offer its charging hubs to third parties as well. Once that plan is in place, the leased cabs would get charging service as a package.

He said, “Currently, we have a decent line up of corporate and individual clients. We are in talks with public sector undertakings (PSUs) and logistics companies.”

The Sanand unit, which is currently in the design stage, will be manufacturing four-wheelers. Gensol recently picked up a stake in GoMechanic. Jaggi said its service station network will soon be available for both the BluSmart fleet and EV.