Eversource Capital to Acquire BluSmart for Rs 10 Billion
ECONOMY & POLICY

Eversource Capital to Acquire BluSmart for Rs 10 Billion

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

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

Next Story
Real Estate

K Raheja Corp launches luxury tower at Raheja Galaxy, South Pune

K Raheja Corp Homes has unveiled a new luxury tower at Raheja Galaxy in South Pune, catering to the growing demand for premium living spaces in the area. Located off NIBM, the project offers seamless connectivity, excellent infrastructure, and a reputation for timely delivery and superior construction quality.The new tower features spacious 2-bed, 3-bed, and 3BHK L residences, priced from Rs 1.29 crore. The homes are designed with modern amenities and a neo-classical architectural style, offering a balance of functionality and luxury. Prices will increase after April 30th, making the early-bir..

Next Story
Infrastructure Urban

PM to Visit Bihar on April 24 for Panchayati Raj Day Celebrations

Prime Minister Shri Narendra Modi is scheduled to visit Bihar on 24th April 2025. During his visit to Madhubani, he will participate in the National Panchayati Raj Day celebrations at around 11:45 AM. On this occasion, he will inaugurate, dedicate, and lay the foundation stone for several development projects worth over Rs 134 bn, and will address the public gathering. As part of the programme, the Prime Minister will present the National Panchayat Awards, honouring the best-performing Panchayats from across the country. In the railways sector, Prime Minister Modi will flag off the Amrit Bha..

Next Story
Infrastructure Urban

Rs 140 Bn Infra Projects in North India Reviewed by DPIIT Secretary

Shri Amardeep Bhatia, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), chaired a high-level Project Monitoring Group (PMG) review meeting to assess progress on major infrastructure projects in Uttar Pradesh, Haryana, Punjab, and Uttarakhand. The meeting was attended by senior officials from central ministries, state governments, and private sector project proponents. A total of 17 key infrastructure projects, collectively worth over Rs 140 billion, were reviewed during the session, which addressed 19 critical issues affecting project execution. The discussions..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?