TL;DR
Fortum has dropped its plan to sell its Indian EV charging business, Glida, to JBM Group, pointing to valuation gaps and infrastructure risks in the market.
Finnish energy company Fortum Oyj has reportedly called off its plans to sell Glida, its electric vehicle (EV) charging network business in India, to the promoters of JBM Group. This decision, as per Livemint, underscores the ongoing complexities in India's EV charging market, where factors such as valuation discrepancies, inherent infrastructure risks, and inconsistent demand can impede deal-making.
The cessation of the deal signals that while India is aggressively pushing for EV adoption and expanding public charging capacity, the sector still faces hurdles in attracting and finalizing private capital transactions. Industry experts note that early-stage infrastructure platforms often encounter such reversals when buyers and sellers cannot agree on future expansion costs, technology investments, or the anticipated pace of network utilization.
