Eversource back in fray for BluSmart assets as insolvency process unfolds

Mint.With BluSmart, Eversource aims to enter consumer mobility, expanding beyond the business-to-business fleet (B2B) model of Lithium Urban Technologies into the business-to-consumer (B2C) ride-hailing market, one of the people cited above said. Both people requested anonymity.Since the plan involves assets under insolvency proceedings, no valuation has been discussed at this point, the other person said.

The value for the assets will likely be discussed once a formal expression of interest is submitted, they added.Eversource's interest in BluSmart has surfaced earlier as well. In April 2025, when the Gensol-BluSmart case was unravelling, reports said the firm was emerging as a frontrunner to acquire BluSmart in a deal that could reach up to ₹1,200 crore.

However, the talks failed to materialize, with NDTV Profit later reporting that there was nothing happening on the Eversource front at the time, citing people aware of the matter.Though BluSmart operated as a green ride-hailing platform, none of its assets involve electric vehicles. The cars were leased, with around 4,000 coming from sister concern Gensol Engineering Ltd.What BluSmart does own is a network of more than 5,000 charging stations, along with an established technology stack and a B2C brand presence in cities such as Delhi-NCR and Mumbai.Lithium, in which Eversource acquired a majority stake in 2022 for over $50 million, operates an electric fleet focused on employee transport and freight.While Lithium has its own network of 24 charging hubs across India, most not open to the public, the addition of BluSmart’s infrastructure could give Eversource access to roughly 50 more hubs across cities that could support a consumer-focused fleet.Mint had reported in