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
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?