Gensol Engineering to provide 300 electric vehicles on lease basis, shares up 4%

Expanding its operations, the company also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune for the development and production of electric three-wheelers and four-wheelers

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Gensol Engineering share price rose 4 percent on August 9 after the company secured an letter of intent (LoI) to provide 300 electric vehicles on operational lease.

Gensol Engineering received an LoI in July from Odisha Renewable Energy Development Agency (OREDA) to provide 300 electric vehicles with fleet management service on an operating lease for five years.

The company participated in this tender on behalf of its subsidiary Gensol EV Lease Private Limited and was declared a successful bidder as a part of the tendering process. The cumulative billing value of this tender is Rs 115 crore excluding taxes.

A meeting of the board of directors of the company will be held on August 14 to consider and approve the quarterly unaudited financial results for the first quarter of the financial year 2023-24.

Gensol Engineering offers engineering, procurement, and construction (EPC) services for the development of solar power plants.

Expanding its operations, the company also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune for the development and production of electric three-wheelers and four-wheelers.

On July 8, the company appointed Kanv Garg as its President and Chief Growth Officer of the Gensol Group.

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