Targeting 850 EV chargers, JBM Group moves to acquire Fortum’s GLIDA network as consolidation accelerates in the fast-growing nationwide charging market.
Gurugram-based JBM Group has entered into an exclusivity agreement to acquire a majority stake in GLIDA, the Indian electric vehicle charging network owned by Finland’s state-run utility Fortum Oyj, according to a Mint report.
The move is expected to lead to Fortum’s full exit from India, ending its presence in the country after more than a decade.
The transaction is currently under due diligence. London-based Opus Corporate Finance is advising on the proposed sale, internally referred to as ‘Project Butterfly.’ Earlier, several major players, including Adani TotalEnergies E-Mobility and Reliance BP Mobility, were understood to have signed non-disclosure agreements as part of the competitive process.
GLIDA, previously known as Fortum Charge & Drive India, operates about 850 publicly available charging points. These are spread across 29 cities and 25 highways in 17 states. The network offers an attractive platform for expansion as India rapidly scales electric mobility.
JBM Group already has a substantial presence in the sector. Its listed arm, JBM Auto, is among India’s leading electric bus manufacturers and manages roughly 1500 charging sites. The group is also participating in the government’s programme to deploy 10,900 electric buses under the PM E-Drive scheme.
However, Fortum and JBM have not commented on the matter, citing company policy on market speculation. Queries to other interested firms have also remained unanswered.
Industry interest in EV charging infrastructure continues to rise as electric adoption accelerates. A growing share of three-wheelers, two-wheelers and passenger vehicles are now electric, with India targeting 30 per cent EV penetration by 2030.
Industry assessments indicate charging operators are planning rapid expansion to more than 100,000 stations over the next few years, supported by partnerships with fleet operators and real estate developers. However, the sector remains fragmented, opening room for consolidation.
Fortum’s withdrawal from India follows financial pressures stemming from geopolitical disruptions and prior divestments of its Indian renewable and bioenergy assets.
