Gensol Insolvency: Noida-Based Signodrive Set To Take On 4,000 Cars For 2 Years — Profit Exclusive

Noida-based commercial driver management platform Signodrive Technologies Pvt. is set to take on Gensol Engineering Ltd.'s entire fleet of 4,000 electric vehicles (EV) as part of the firm's insolvency resolution process, people aware of the matter told NDTV Profit.

Signodrive will operate Gensol's electric vehicles for 24 months, with a lock-in period of 18 months, one of the persons quoted above said. The cars will be used for business-to-consumer clients like Rapido, and also a few business-to-business clients, the person added.

The EVs that Signo is set to operate and manage were previously running under the BluSmart Mobility brand, another person added. The contract carries an operational value of around Rs 16,000 per vehicle per month, which comes up to around Rs 154 crore, the abovementioned person explained.

The Gensol fleet of electric vehicles is currently locked up in the bankruptcy proceedings that was born out of the Jaggi brothers' scandal. In April, the Securities and Exchange Board of India had barred Gensol Engineering, its Chief Executive Officer Anmol Singh Jaggi and Promoter-Director Puneet Singh Jaggi from securities markets over fund diversion charge.

The market watchdog has also restrained both the company officials from holding any key managerial positions after SEBI has found that the brothers diverted funds to buy luxury property and pay for personal expenses of promoters.

The Ahmedabad bench of the National Company Law Tribunal had admitted the solar EPC business into insolvency in June, after the Indian Renewable Energy Development Agency Ltd. filed a petition on loan defaults worth over Rs 500 crore.

Though the insolvency is still under process, the fleet of 4,000 vehicles is now being put on lease to avoid a deterioration in their value and services, the first person explained.

The Gensol fleet had been contested for by up to three bidders. Signodrive emerged as highest bidder from the pool that also included electric taxi startup Evara, the second person quoted above added.

NDTV Profit has reached out to Gensol and Signodrive for comments on the story.

Signodrive was incorporated in 2018 and is engaged in providing manpower solution services, mainly related to logistics and fleet management. It is owned and managed by chief executive officer Gagan Chaturvedi.

The company had an operating income of Rs 20 crore in fiscal 2025, which is expected to increase to over Rs 45–50 crore for fiscal 2026, according to a Crisil Ratings report from Oct. 31. The agency has also assigned its ‘Crisil BB/Stable’ rating to Signo's long-term bank facilities worth Rs 12 crore.

Meanwhile, Gensol's sister concern BluSmart Mobility has also seen the interest of around 15 companies, including Vedanta Ltd., Refex Industries Ltd. and Jindal Power Ltd., NDTV Profit reported exclusively earlier this month.

While multiple companies initially reviewed the assets of BluSmart, a final list of prospective resolution applicants is now expected to submit resolution plans by early December, one of the abovementioned people explained on the condition of anonymity.