Eversource Capital to Acquire BluSmart for Rs 10 Billion

23 Apr 2025 CW Team

Eversource Capital, a climate-focused private equity firm, is in talks to acquire BluSmart, which has been facing challenges due to the crisis involving its associated entity, Gensol, as reported by Inc42.

Eversource has reportedly proposed purchasing the EV ride-hailing company for Rs 8 billion to Rs 10 billion, a significant reduction of 60% from BluSmart’s last known valuation of $300 million.

A source informed Inc42 that Eversource intends to acquire BluSmart along with its liabilities and resume the company’s operations as soon as possible. The firm also plans to settle employee salaries and other outstanding dues.

According to the report, Eversource plans to merge BluSmart with its portfolio company, Lithium Urban Technologies, and invest approximately $100 million into the combined entity post-merger.

As part of the deal, Eversource is said to be requesting that BluSmart’s co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi, step down from the board.

Eversource Capital is a joint venture between Everstone Capital, a leading private equity and real estate firm focused on South and Southeast Asia, and Lightsource BP, a British global energy company. Established in 2018, Eversource aims to accelerate the clean energy transition in India and other emerging markets by investing in sustainable infrastructure, green energy, and climate solutions.

The firm manages India’s first dedicated climate impact fund, the Green Growth Equity Fund (GGEF), which has assets under management of approximately $741 million (?61 billion). Eversource Capital’s portfolio spans across industries such as renewable energy, e-mobility, circular economy, and resource efficiency.

News source: Outlook Planet

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..