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Fortum drops plan to sell India EV charging arm to JBM promoters

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Fortum drops plan to sell India EV charging arm to JBM promoters

Fortum drops plan to sell India EV charging arm to JBM promoters

Fortum has abandoned plans to sell its India EV charging network business Glida to the promoters of JBM Group, according to Livemint. The setback highlights how valuation gaps, infrastructure risks and uneven demand can still slow dealmaking in India's charging market despite strong policy support for EV adoption.

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Finland's Fortum Oyj has stepped back from a proposed exit from its India charging network business, ending a sale process that had drawn interest from the promoters of Gurugram-based JBM Group , according to Livemint .

The decision marks another sign that the market for electric-vehicle infrastructure assets remains uneven, even as India pushes hard to expand public charging capacity and attract private capital into clean mobility. For global energy groups, the sector offers long-term promise, but valuation gaps and execution risks can still derail transactions before they reach the finish line.

People familiar with the matter said Fortum has scrapped the plan to sell Glida , its electric-vehicle charging network business in India. The proposed buyer group was led by the promoters of JBM Group , which is among the better-known domestic players in bus manufacturing and electric mobility.

The report did not disclose why the talks were discontinued, and neither side has publicly outlined the sticking points. In transactions involving early-stage infrastructure platforms, such reversals are not unusual when buyers and sellers fail to agree on future expansion costs, technology investment needs or the pace at which utilisation will improve.


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