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Signodrive Technologies launched first batch of EVs under Gensol's CIRP for operational revival
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Plan includes deploying up to 4,000 electric vehicles across Delhi NCR and Bengaluru markets
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Signodrive appointed to manage Gensol’s EV fleet, previously operated under BluSmart brand
Noida-based Signodrive Technologies Pvt. on Tuesday launched the first batch of electric vehicles under the ongoing Corporate Insolvency Resolution Process (CIRP) of Gensol Engineering Ltd.
The event marks the beginning of the operational revival of EVs, as part of a broader programme to deploy up to 4,000 vehicles across Delhi NCR and Bengaluru.
NDTV Profit first reported that Signodrive is set to take on Gensol’s EV fleet for a two-year period. The company has been appointed by the Gensol creditors to manage the rescue, upkeep and deployment of Gensol's EV fleet, largely previously operated under the brand BluSmart.
"Over the next month, the fleet will scale up toward the targeted 1000+ vehicles, with full phase-wise deployment set under the approved plan. This initiative supports hundreds of driver livelihoods, strengthens mobility infrastructure, and aligns with India’s push toward clean transport," Signodrive said in a statement.
The cars will be used for business-to-consumer clients like Rapido, and also a few business-to-business clients.
The EVs were previously running under the BluSmart Mobility brand. The contract carries an operational value of around Rs 16,000 per vehicle per month, which comes up to around Rs 154 crore, NDTV Profit had reported.
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.
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.
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