Marred by multiple challenges, BluSmart, once a star of the Gensol universe, has become a black hole.
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The South Korean carmaker may have made headlines teasing an aggressive product push in India. But, the absence of details and urgency gives little respite to investors reeling from declining sales and a 12-year market share low.
Ghost directors, family members on the payroll and shadow operators—inside the tangled web of power and money at BluSmart and Gensol.
A late entrant, Bajaj is already the No. 2 player in electric three-wheelers. It is now banking on its ‘Chetak strategy’ to take the lead.