Gurugram-headquartered JBM Group has signed an exclusivity agreement to acquire a majority stake in GLIDA, the Indian electric vehicle (EV) charging network of Finnish state-run energy utility Fortum Oyj, two people aware of the development said.
The deal will mark the complete exit of the third-largest Nordic power company from India, a market it entered in 2012.
London-based Opus Corporate Finance Llp is advising on the transaction, code-named Butterfly, for GLIDA, formerly known as Fortum Charge & Drive India. Mint had earlier reported that Adani TotalEnergies E-mobility Ltd, Reliance BP Mobility Ltd and JBM Group had signed non-disclosure agreements (NDA) for the proposed deal.
“JBM Group has signed an exclusivity agreement for GLIDA and due diligence is ongoing,” said the first of the two persons cited earlier, both of whom spoke on the condition of anonymity.
JBM Group is drawn to GLIDA’s 850 charging points across 29 cities and 25 highways in 17 states amid India’s green-mobility push that depends on the expansion of an effective EV charging network. JBM Group’s flagship firm JBM Auto Ltd is one of India’s largest electric bus manufacturers, with 1,500 EV charging sites. It is among the sixteen bidders that have entered the government’s tender for 10,900 electric buses under the PM E-Drive scheme, which seeks to accelerate the electrification of public road transport.
“As a stock listed company, we do not comment (on) any market rumours or speculations,” a Fortum Oyj spokesperson said in an emailed response.
“We will like to refrain from commenting on any such development,” a JBM Group spokesperson said in a WhatsApp text.
Queries emailed to the spokespersons of Adani TotalEnergies E-mobility Ltd and Reliance BP Mobility Ltd on 23 December remained unanswered.
With around 60% of the three-wheelers, 4.8% of cars and 6% of two-wheelers sold in 2025 being electric, firms are taking aggressive bets on India’s public EV charging space. They are driven by the large market opportunity, as India targets electric vehicles to account for 30% of total vehicle sales by 2030.
“The Charging Point Operators (CPOs) in India have developed ambitious expansion plans targeting over 100,000 EV charging stations by FY27. The operators have formed strategic partnerships with B2B fleet players to ensure utilization rates while collaborating with real estate players to access key locations for charging infrastructure deployment,” said a Federation of Indian Chambers of Commerce & Industry (Ficci)-EY report in September.
“The market remains fragmented with multiple players operating across AC (Alternate Current) and DC (Direct Current) charger solution categories, indicating opportunities for consolidation and standardization,” the Ficci-EY report added.
Fortum’s India exit comes in the backdrop of a protracted Russia-Ukraine war, leading to gas supply disruption and substantive losses to Fortum’s-majority owned Uniper, which was subsequently sold to the German government at a loss of six billion euros. In addition, the Russian Federation confiscated Fortum’s Russian plants valued at €5 billion.
As reported by Mint earlier, Fortum sold its renewable energy platform Fortum India Pvt. Ltd (FIPL), along with the management company including carbon credits to New York-based I Squared Capital backed Hexa Climate Solutions. Also, AM Green bought Fortum Oyj’s and Chempolis Oy’s 50% stake in their joint venture—Assam Bio Refinery Pvt. Ltd—and also the Oulu-headquartered biotechnology firm Chempolis Oy in which Fortum had a stake. Fortum India had earlier sold 700MW to Actis Llp, another 230MW to UK Climate Investments and Elite Alfred Berg; and 185MW to Malaysia’s state-run oil and gas company Petroliam Nasional Bhd or Petronas’ unit Gentari.
India has around 26,300 electric vehicle public charging stations (EVPCS). Under the ₹10,900-crore PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme, about ₹2,000 crore has been allocated to set up 22,100 charging stations for electric cars, 48,400 for electric two-wheelers and three-wheelers, and 1,800 for electric trucks and buses. Despite this push to bolster EV infrastructure, range anxiety remains a concern. Also, setting up public charging stations in India continues to face multiple challenges.
“EV sales reached approximately 1.5 million units in FY25, with penetration rising sharply from around 0.7% in 2020 to nearly 5.9% in 2025. Early adoption was constrained by issues such as range anxiety, high upfront costs, and limited charging stations,” KPMG wrote in a December report.
Niti Aayog, in an August report, flagged the problems in setting up public EV charging points, inadequacy of such charging facilities and their low utilization.
“Setting up charging facilities requires considerable interaction with multiple public agencies. Power distribution companies, local municipal bodies and those who own the land have to come together. Interaction with financial institutions is also important. However, all of this is often difficult,” the Niti Aayog report said.
However, the government’s policy push is creating significant opportunities in EV charging and infrastructure expansion.
“The New EV Charging Policy announced by the government establishes ambitious targets for charging infrastructure density and accessibility—at least one charging station per square kilometre by the end of this decade. Major highways and expressways may have fast-charging stations every 100 kilometres, enabling long-distance travel and reducing range anxiety concerns. The policy also ensures that electricity costs for these charging stations remain below the average cost of supply (ACoS) until March 2028,” said the Ficci-EY report.
“Improving economics, coupled with continued government focus, rapid expansion of charging infrastructure, increasing availability of models across segments and technological advancements, India’s EV growth momentum is likely to accelerate over the next decade,” said a Deloitte report in December.
