India, March 28 -- There seems to be no respite for Gensol Engineering and ride-hailing startup BluSmart. In a fresh development, Refex Industries has terminated its deal to acquire 2,997 electric vehicles from Gensol Engineering.

In an exchange filing today, Refex said its subsidiary Refex Green Mobility Limited (RGML), after constructive discussions and due consideration, has mutually decided with Gensol not to proceed with the proposed transaction for the takeover of vehicles from the latter.

"This decision has been arrived at due to the evolving commitments at both ends, which would make it challenging to conclude the transaction within the originally envisaged timeline. The parties have therefore agreed to not move forward with the...