India-based private equity firm Eversource Capital is in talks to acquire EV ride-hailing company BluSmart.

The deal is valued between 800 crore rupee (US$90 million) to 1,000 crore rupee (US$120 million).

This marks a 60% drop from BluSmart’s previous US$300 million valuation.

The acquisition will include BluSmart’s liabilities, with Eversource planning to address employee salaries and other dues. Operations are expected to resume shortly after the deal closes.