Fortum drops plan to sell its Glida EV charging network in India
Fortum has cancelled the sale of its Indian charging business Glida to the promoters of JBM Group and will run the network on its own.
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what happened
According to Mint, citing two people familiar with the matter, Finnish utility Fortum Oyj has abandoned its plan to sell Glida, its electric-vehicle charging network in India, to the promoters of JBM Group. The company will keep operating the brand, which runs 961 charging points nationwide. Fortum did not comment directly, saying as a listed company it does not respond to market rumours.
EV adoption in India is climbing: according to government Vahan registry data, the share of electric vehicles rose from 4.71% in 2022 to 8.05% in 2025 and passed 10% in January-October 2026. ICCT's India head noted that charging is generally not profitable on its own in markets with low EV penetration.
why it matters
For Fortum, the decision means its exit from India, where it entered in 2012, will not be completed through this sale. For investors, the story shows how dependent charging networks are on EV volumes, a factor that matters more as India looks to cut its reliance on oil imports.
market impact
Power and EV charging in India: Fortum keeps Glida, JBM deal off, limited effect on broader markets.
tags
instruments
sources
- Fortum scraps charging network business sale deal to JBM Group promoters — Moody's, 20 October 2026 at 03:33 UTC
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