Three firms eye Fortum EV charging biz in India

Adani TotalEnergies, Reliance BP and JBM Group among potential buyers

- Utpal Bhaskar

Finnish state-run energy power utility Fortum Oyj has zeroed in on three potential suitors—Adani TotalEnergies E-mobility Ltd (ATEL), Reliance BP Mobility Ltd (Jio-bp) and Gurugram-headquartered electric bus manufacturer JBM Group—to offload a majority stake in its electric vehicle (EV) charging network business in India, two people aware of the development said.

"Adani TotalEnergies, Jio-bp and JBM Group have signed NDAs (non-disclosure agreements) and are evaluating the deal, post which bids will be submitted," one of the two people cited above said, requesting anonymity.

London-based Opus Corporate Finance LLP is running the transaction (termed Butterfly) for the EV charging business GLIDA, formerly known as Fortum Charge & Drive India.

The development comes in the backdrop of Fortum's renewable energy platform Fortum India Pvt Ltd (FIPL), including carbon credits, being acquired by New York-based I Squared Capital-backed Hexa Climate Solutions, as reported by Mint earlier. A formal announcement to this effect was made on Wednesday.

The latest deal, once it fructifies, would signal the exit of Fortum Oyj from India, a market it entered in 2012. "GLIDA is the last transaction left for Fortum in India after the FIPL sale to Hexa," the person cited above said.

GLIDA has around 180 EV charging stations with 850 charging points across the country. ATEL, on its part, has 3,401 installed EV public charging points.

A Fortum Corporation spokesperson in an emailed response said, "As a stock listed company, we do not comment on any market rumours or speculations."