BluSmart collapse: Banks, lessors rush to offload 2,000 EVs, says report
'There's a section of lessors who are in the business of leasing and will find takers,' a person briefed on the matter said. 'But financial institutions want to sell outright to recover money. Several small fleet operators are also being approached.'Multiple leasing firms, including Japan's Orix Leasing, Delhi-based Clime Finance, SMAS Auto Leasing, and Shefasteq OPC Pvt Ltd, have moved the Delhi High Court to prevent BluSmart or its associate firm Gensol Engineering from creating third-party rights over these vehicles.Before halting operations in April, BluSmart had a fleet of around 8,000 electric cars, of which roughly 5,000 were owned or leased by Gensol Engineering—and then sub-leased to BluSmart. A few hundred EVs were directly owned by the company itself.advertisementGensol's controversial dealings and the Sebi order against cofounders Anmol Singh Jaggi and Puneet Singh Jaggi for alleged fund diversion and document forgery have further derailed potential recovery. Both stepped down from Gensol Engineering's board following the Sebi action.Meanwhile, Power Finance Corp and the Indian Renewable Energy Development Agency were mulling an auction of the EVs they helped finance. But time is running out—industry players warn that unused EVs can depreciate rapidly.'If the batteries are not charged and the cars not run, performance degrades fast. These could soon turn into liabilities,' an industry insider was quoted as saying in the ET report.Potential buyers, meanwhile, are waiting for prices to crash, with some reportedly quoting as low as 10% of the original asset cost.Trending Reel
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
36 minutes ago
- Time of India
Aries Daily Horoscope Today, 26th July 2025: Today's planetary alignments bring a mix of high energy and emotional introspection
ET Online Aries Daily Horoscope: Career 26th July 2025: You may feel a strong urge to take initiative at work. Mars and the Moon are energising your house of creativity. You can double-check your communications. Mercury being retrograde could cause misunderstandings. Aries Daily Horoscope: Finance 26th July 2025: Your financial opportunities may arise through networking or social connections. Venus and Jupiter are in the Gemini Sun. You should stay alert to avoid impulsive decisions. You can get driven by temporary excitement. Aries Daily Horoscope: Love and Relationship 26th July 2025: Your passion is high, and your emotional conversations could get muddled as Mercury is in retrograde motion. You can practice patience and avoid jumping to conclusions with your partner. Aries Daily Horoscope: Health 26th July 2025: Mars fuels your physical energy. Your emotional intensity might leave you mentally drained. You need to focus on hydration and grounding activities. Written by: Anand Sagar Pathak of For feedback, write to hello@ Live Events Also Read: Monthly Horoscope Aries, August 2025 Weekly Horoscope Aries, 28th July to 3rd Aug, 2025 You may feel a strong urge to take initiative at work. Mars and the Moon are energising your house of creativity. You can double-check your communications. Mercury being retrograde could cause financial opportunities may arise through networking or social connections. Venus and Jupiter are in the Gemini Sun. You should stay alert to avoid impulsive decisions. You can get driven by temporary passion is high, and your emotional conversations could get muddled as Mercury is in retrograde motion. You can practice patience and avoid jumping to conclusions with your fuels your physical energy. Your emotional intensity might leave you mentally drained. You need to focus on hydration and grounding by: Anand Sagar Pathak of For feedback, write to hello@ Read: Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
Time of India
an hour ago
- Time of India
Commuters feel the pinch as cab drivers stay firm on ‘fare by meter'
Pune: Cab users on Friday continued to face the high-headedness of cab drivers — adamant on charging fares by the meter (RTA rates) — proving several rounds of meetings with government officials a futile exercise. Avinash Jatav, a bank professional, landed in Pune from Delhi on Friday morning. He had to go to Hinjewadi Phase-1. He said, "The cabbie accepted my ride, and a fare of Rs480 reflected on the application. But the man told me about the pay-by-meter rule and demanded Rs560. I somehow forced him to cancel the ride and took a prepaid autorickshaw for Rs530. I have never heard about such a rule in any city," Jatav said. Commuters trying to book cabs from Uber and other aggregators echoed Jatav. They said most cabbies remained firm on charging "fares by meter", resulting in many cancelling rides because of high fares and few budging under pressure. Cabbies term the Regional Transport Authority (RTA)'s rates "fare by meter". You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune Wagholi resident Ashish Deokar said authorities, particularly the Pune RTO (Regional Transport Officer) officials, were responsible for the cabbies' stubbornness. "They never took any action against this practice when it began with autorickshaws. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn More - How Watching Videos Can Boost Your Income TheDaddest Undo Had they acted strictly, the situation wouldn't have worsened. Last week, an Ola driver demanded Rs250 for a trip from Pune station to FC Road, a distance of around 5km. Does this make any sense?" he said. TOI's attempts to contact the Pune RTO and the deputy RTO proved futile. Another RTO official said, "We didn't take action because we didn't want a major agitation, which would have caused more issues. The cab aggregator policy is coming. It will settle all problems." Magarpatta's IT professional Atul Singh (name changed on request) and his three friends are still in a shock over their nightmarish experience with an Uber driver on Thursday afternoon. We went for a team outing to Katraj and booked an Uber from Keshavnagar — our meeting point. We opted for an 'Uber for Business' ride, but the driver didn't accept it. He told us that we would have to pay by the 'meter'. The application showed a fare of Rs280, but we ended up paying Rs500," he said. "One of my colleagues raised an issue on the Uber application, to which the driver got agitated and forcibly took a picture of his PAN card. He threatened that if his ID was cancelled because of the complaint, the consequences would be dire," Singh said. On Thursday, Keshav Kshirsagar, the president of the Indian Gig Workers' Front, said cabbies would be boycotting Uber indefinitely because it went to the Bombay high court against them. There was no major surge in fare in the application on Friday, but Kshirsagar said soon the boycott would have its effects. "Information is being spread to all the cab drivers at the moment," he said.
Time of India
an hour ago
- Time of India
Tourism dept set to showcase state's heritage at UPITS 2025
Lucknow: To position UP as a global tourism hub, the state's tourism department launched extensive preparations for the Uttar Pradesh International Trade Show (UPITS) 2025. The event is due to take place at India Expo Mart in Greater Noida between Sep 25-29. Officials said, "For this, the department will establish a spacious stall spanning approximately 465 square metres in hall number seven. The stall will creatively display the state's heritage sites, temple architecture, thematic tourism circuits and PPP-based tourism projects, alongside showcasing local crafts and One District One Product (ODOP) items." To enhance visitor engagement, officials noted, "The department will introduce digital tourism tools such as mobile applications, websites and QR codes, facilitating easy access to information and seamless travel planning. The integration of technology with immersive visual storytelling aims to strengthen Uttar Pradesh's tourism brand image both nationally and internationally." The exhibition stall is designed with three open sides and features a stylish front façade, illuminated signage with CNC cutting, LED walls, modern lighting, carpeting and display units. Officials also revealed that the stall will include a VVIP lounge, meeting tables, coffee machines, a pantry and a reception counter to provide a comfortable experience for guests. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo To attract visitors, the stall will feature auto-navigation screens showcasing popular tourist destinations in Uttar Pradesh. An Augmented Reality (AR) based digital touch panel will allow visitors to take selfies with images of at least six famous tourist sites. A 10-15 square metre area within the stall will be allocated to live cultural performances. Preparations are on to host traditional dances such as Mayur Nritya from the Braj region, tribal dance forms from Sonbhadra and Lakhimpur, Bundeli Folk Dance from Jhansi and Kathak from the Lucknow Gharana.
