- The transaction is expected to close during 2020
- The partnership will create a shared ownership structure and Finnfund’s investment aims to accelerate FCDIPL’s growth plans in the charging infrastructure business and reaffirm its market leading position
Finnish clean energy firm Fortum on Monday said Finnfund will invest in Fortum Charge and Drive India. As per a company statement, Finnfund will invest in a minority share of Fortum’s public charging point operator (CPO), Fortum Charge and Drive India Private Ltd (FCDIPL). The transaction is expected to close during 2020.
The FCDIPL is an e-mobility infrastructure provider and it owns more than 70 public charging points at around 40 locations in India, and partnerships with marquee business groups across the country. The partnership will create a shared ownership structure and Finnfund’s investment aims to accelerate FCDIPL’s growth plans in the charging infrastructure business and reaffirm its market leading position.
Operating electric vehicles charging infrastructure
The FCDIPL will further continue to offer software as a service (SaaS) for operating electric vehicles (EV) charging infrastructure networks and customer interfaces to other CPOs. Sanjay Aggarwal, managing director of Fortum India, said that for Fortum, it proves the value of the business which it has built over the years and is testimony of the vision for a cleaner world. This partnership will further fuel this growth.
Helena Teppana, associate director, Finnfund said that Finnfund is happy to support Fortum in bolstering its efforts in setting up electric vehicle charging infrastructure in India. With the company’s significant local presence, backed by the great market potential of EVs in India, it looks forward to this collaboration.
