{"url":"https://newsforagent.com/news/2026-10-20/fortum-scraps-glida-sale-jbm-group","markdown_url":"https://newsforagent.com/news/2026-10-20/fortum-scraps-glida-sale-jbm-group.md","title":"Fortum Scraps Glida Sale to JBM Group Promoters","headline":"Fortum Cancels Glida EV Charging Sale to JBM Group Promoters, Will Run 961 Points Itself","description":"Fortum has scrapped the sale of its Glida EV charging network to JBM Group promoters and will keep operating 961 charging points across India itself.","section":"Divestitures","published_at":"2026-10-20T04:05:42+00:00","modified_at":"2026-10-20T04:05:42+00:00","author":"News Desk","key_takeaways":["Fortum has cancelled the sale of Glida, its Indian EV charging network, to the promoters of the Gurugram-headquartered JBM Group.","Fortum will continue running Glida on its own, with 961 charging points across India.","India's EV adoption rose from 4.71% in 2022 to 8.05% in 2025 and crossed 10% in the January-October period of 2026."],"companies":[{"name":"Fortum","is_primary":true,"profile_url":"https://akta.pro/company-profiles/0000jqz/fortum","website":"http://www.fortum.com"},{"name":"JBM Group","is_primary":false,"profile_url":"https://akta.pro/company-profiles/0003t38/jbm-group","website":"http://www.jbmgroup.com"}],"source":{"publisher":"TradingView","title":"Fortum scraps charging network business sale deal to JBM Group promoters","url":"https://www.tradingview.com/news/moodys:44d80d64c21d9:0-fortum-scraps-charging-network-business-sale-deal-to-jbm-group-promoters/"},"other_sources":[],"tags":["Divestitures","Fortum","JBM Group"],"body_markdown":"[Fortum](https://akta.pro/company-profiles/0000jqz/fortum) Oyj has scrapped the planned sale of Glida, its electric-vehicle charging network in India, to the promoters of the Gurugram-headquartered JBM Group, according to [TradingView](https://www.tradingview.com/news/moodys:44d80d64c21d9:0-fortum-scraps-charging-network-business-sale-deal-to-jbm-group-promoters/). The Finnish state-run utility will instead keep operating the Glida charger brand, which has 961 charging points across the country.\n\n## Fortum Cancels the Glida Stake Sale\n\nTwo people aware of the development said the stake sale for Glida has been cancelled and that Fortum plans to run Glida on its own in India. Fortum is a Nordic energy company that generates 99% CO2-free electricity from nuclear, hydro and wind sources and serves approximately 2 million residential and large industrial customers across Finland, Sweden, Norway and Poland, according to company records. JBM Group was India's largest e-bus manufacturer by sales, with 1,260 e-buses sold in FY26, and its e-bus business had an order book of Rs.12,900 crore as of September 2026, according to a company statement.\n\nLondon-based Opus Corporate Finance LLP was running the transaction code-named Butterfly for Glida, formerly known as Fortum Charge & Drive India. Mint had earlier reported in December 2025 that Adani TotalEnergies E-mobility Ltd, Reliance BP Mobility Ltd and JBM Group had signed non-disclosure agreements for the proposed deal, followed by an exclusivity pact between Fortum and JBM. Queries emailed to Fortum India, Opus Corporate Finance and JBM Group on 18 October remained unanswered. A Fortum Oyj spokesperson said in an emailed response, \"As a stock-listed company, we do not comment on any market rumours or speculations.\"\n\n## Fortum's Nordic Divestment Record\n\nFortum's akta.pro [company records](https://akta.pro/company-data) show a EUR 924 million comparable operating profit in 2025 and 99% of total power generation from CO2-free renewable and nuclear sources. The same records list a 2026-04 post-IPO debt round of $3.2 billion with 12 investors and a 2023-05 post-IPO debt round of $1.2 billion. Fortum's [JBM Group](https://akta.pro/company-profiles/0003t38/jbm-group) counterpart was India's largest e-bus manufacturer by sales in FY26.\n\n## Fortum's Recent Nordic Moves\n\nIn September 2026, Fortum acquired over 90% of Elmera's shares through a cash offer of 47 Norwegian kroner per share, with acceptance for 102,940,761 shares, Kauppalehti reported. Earlier that month, Fortum extended the deadline for its voluntary cash offer to buy Elmera Group shares from September 18 to October 2, Kauppalehti reported. In September 2026, Fortum also became a limited partner in Norrsken Evolve's €62 million pre-seed fund, which exceeded its €40 million target, according to Tech Funding News.\n\n## Fortum's Interim Report Date\n\nFortum will publish its January-September 2026 Interim Report on October 28, 2026 at 9:00 EET, with a live webcast and teleconference at 11:00 EET, according to news.cision.com.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}