**Title:** Evera Acquires BluSmart Cabs Amid Uncertainty for Electric Fleet
**Meta Description:** Evera Cabs takes over 500 BluSmart electric vehicles as lenders seek buyers for idle fleet amid regulatory challenges.
**URL Slug:** evera-acquires-blusmart-cabs
**Headline:** Evera Cabs Takes Over BluSmart Electric Vehicles Amid Ongoing Uncertainty
In a significant development for the electric vehicle (EV) sector, Evera Cabs, based in Delhi, has acquired 500 BluSmart cabs from lenders, with plans to secure an additional 500. This move comes as the fate of thousands of BluSmart electric cars hangs in the balance, following indecision from state-run lenders who financed their purchase.
Gensol Engineering Ltd had previously borrowed from Power Finance Corporation (PFC) and the Indian Renewable Energy Development Agency (Ireda) to acquire 4,700 electric vehicles, which were subsequently leased to BluSmart. However, these vehicles have remained idle due to regulatory issues surrounding Anmol Singh Jaggi, who oversees both Gensol and BluSmart. The prolonged inactivity poses a risk of depreciation, particularly for electric cars, as their batteries may degrade more rapidly when not in use.
According to sources familiar with the situation, numerous banks, asset financing firms, and high-net-worth family offices are actively seeking buyers or lessees for the BluSmart vehicles they financed. Despite this urgency, PFC and Ireda have yet to determine their next steps regarding the cabs secured with them.
On Monday, Evera’s acquisition of the initial 500 BluSmart cabs marks a strategic move to expand its fleet while addressing the challenges faced by the electric vehicle market. The financing landscape includes major players such as Axis Bank, HDFC Bank, Mahindra Finance’s Quiklyz, Tata Motors Finance, and Kotak Mahindra Bank, all of whom are evaluating their exposure to Gensol and the ongoing developments.
In December, BluSmart reported that its asset financing program, which involved over 25 family offices and green financing institutions, had reached ₹100 crore. Participants in this program purchased at least 10 cars each at an average price of ₹13.5 lakh, leasing them to BluSmart in exchange for monthly rental income. Given the average vehicle price, it is estimated that around 700-800 cabs were acquired through this initiative.
As the situation unfolds, stakeholders in the electric vehicle financing sector remain vigilant, assessing their options and the potential impact on their investments.
**FAQ:**
**What is the current status of BluSmart’s electric vehicle fleet?**
The fleet is currently idle due to regulatory issues, and lenders are exploring options to sell or lease the vehicles as they await decisions from state-run financing agencies.
