Gensol Engineering has received a Letter of Intent from the Odisha Renewable Energy Development Agency to provide 300 electric vehicles (EV) with fleet management service on an operating lease for five years for a billing value of Rs 115 crore.

Gensol Engineering has also established a new cutting-edge EV manufacturing facility in Pune to expand its operations for developing and producing three-wheelers and four-wheeler electric vehicles.

The company participated in this tender on behalf of its subsidiary Gensol EV Lease Pvt Ltd, and secured the tender with a successful bid.

The company’s board of directors are scheduled to meet on August 14 to consider and approve the financial results for the April-June quarter of the current fiscal year.

The company appointed Kanv Garg as its President and Chief Growth Officer for the Gensol Group on July 8.

At 3:30 pm, the share of Gensol Engineering closed at Rs 1,737 or 2.28% above its previous close on NSE.