In a significant move within India's burgeoning electric vehicle (EV) ecosystem, the Gurugram-based JBM Group has entered into an exclusivity agreement to purchase a majority stake in GLIDA, the EV charging network owned by Finland's state-run energy utility Fortum Oyj. This strategic acquisition, confirmed by sources familiar with the matter, signals the complete withdrawal of the third-largest Nordic power company from the Indian market, which it first entered back in 2012.
The Strategic Acquisition and Market Context
The transaction, which is being advised by London-based Opus Corporate Finance Llp under the code name 'Butterfly', centers on GLIDA, previously known as Fortum Charge & Drive India. JBM Group's primary attraction is GLIDA's established network of 850 charging points, strategically spread across 29 cities and 25 highways in 17 Indian states. This infrastructure is seen as a critical asset as India intensifies its green-mobility push, which is fundamentally dependent on a robust and widespread EV charging network.
JBM Auto Ltd, the flagship company of the JBM Group, is a major player in India's electric bus manufacturing sector and already operates about 1,500 EV charging sites. The group is also among the sixteen bidders competing in the government's massive tender for 10,900 electric buses under the PM E-Drive scheme. Earlier, other prominent players like Adani TotalEnergies E-mobility Ltd and Reliance BP Mobility Ltd had also shown interest by signing non-disclosure agreements for the potential GLIDA deal.
Drivers of the Deal and Industry Landscape
The aggressive bet on India's public EV charging space is driven by compelling market dynamics. In 2025, electric vehicles constituted approximately 60% of three-wheeler sales, 4.8% of car sales, and 6% of two-wheeler sales in India. The national target is for EVs to make up 30% of total vehicle sales by 2030, creating a vast opportunity. Charging Point Operators (CPOs) in India have ambitious plans, targeting over 100,000 EV charging stations by the fiscal year 2027, as noted in a September report by FICCI and EY.
However, the market remains fragmented with multiple players, indicating room for consolidation. Currently, India has around 26,300 public EV charging stations. The government is bolstering infrastructure through the ₹10,900-crore PM E-Drive scheme, which allocates about ₹2,000 crore for setting up thousands of new charging stations for cars, two-wheelers, three-wheelers, and buses.
Challenges and Fortum's Exit Strategy
Despite the policy push, challenges persist. Setting up public charging stations involves complex coordination with multiple agencies like power distribution companies and municipal bodies. Issues such as range anxiety, high upfront costs, and low utilization of existing facilities have been flagged by NITI Aayog. Nevertheless, the government's new EV charging policy aims to establish at least one charging station per square kilometre in urban areas by 2030 and fast-charging stations every 100 kilometres on major highways.
Fortum's decision to exit India comes against the backdrop of substantial losses linked to the Russia-Ukraine war, which disrupted gas supplies and impacted its majority-owned subsidiary Uniper. The company also faced the confiscation of its Russian plants valued at €5 billion. Fortum has been systematically divesting its Indian assets; it previously sold its renewable energy platform Fortum India Pvt. Ltd to Hexa Climate Solutions and its stake in Assam Bio Refinery Pvt. Ltd to AM Green.
Both Fortum Oyj and JBM Group have declined to comment on the ongoing deal discussions, citing policy against responding to market speculation. Queries sent to Adani TotalEnergies E-mobility Ltd and Reliance BP Mobility Ltd also went unanswered. As due diligence proceeds under the exclusivity agreement, this potential acquisition represents a major consolidation play, positioning JBM Group as an integrated force in India's electric mobility revolution, spanning from vehicle manufacturing to charging infrastructure.
