Latest news with #ATEL
Mint
30-04-2025
- Automotive
- Mint
Adani TotalEnergies, Jio-bp, JBM eye Fortum's EV charging biz
New Delhi: Finnish state-run energy power utility Fortum Oyj's efforts to offload a majority stake in its electric vehicle (EV) charging network business in India has zeroed in on three potential suitors–Adani TotalEnergies E-mobility Ltd (ATEL), Reliance BP Mobility Ltd (Jio-bp) and Gurugram-headquartered electric bus manufacturer JBM Group–according to two people aware of the development. 'Adani TotalEnergies, Jio-bp and JBM Group have signed NDAs (non-disclosure agreements) and are evaluating the deal, post which bids will be submitted," one of the two people cited above said, requesting anonymity. London-based Opus Corporate Finance Llp is running the transaction (termed Butterfly) for the EV charging business GLIDA, formerly known as Fortum Charge & Drive India. The development comes in the backdrop of Fortum's renewable energy platform Fortum India Pvt Ltd (FIPL), including carbon credits, being acquired by New York-based I Squared Capital-backed Hexa Climate Solutions, as reported by Mint earlier. A formal announcement to this effect was made on Wednesday. The latest deal, once it fructifies, would signal the exit of Fortum Oyj from India, a market it entered in 2012. 'GLIDA is the last transaction left for Fortum in India after the FIPL sale to Hexa," the person cited above said. GLIDA has around 180 EV charging stations with 850 charging points across the country. ATEL, on its part, has 3,401 installed EV public charging points. A Fortum Corporation spokesperson in an emailed response said, 'As a stock listed company, we do not comment on any market rumours or speculations." Queries emailed to the spokespersons of ATEL, Reliance BP Mobility Ltd, JBM Group, and Opus Corporate Finance on Tuesday afternoon remained unanswered till press time. ATEL is a subsidiary of Adani Total Gas Ltd, which is a joint venture (JV) between Adani Group and France's TotalEnergies. Reliance BP Mobility Ltd is a JV between Reliance Industries Ltd and bp, and has installed around 500 EV charging stations with 5,000 charging points. JBM Group's flagship firm JBM Auto Ltd. is one of India's largest electric bus manufacturers, with the group operating over 1,000 fast chargers. Fortum Oyj had earlier announced that it would limit its exposure in India and was evaluating alternatives for its remaining operations in the backdrop of the war in Ukraine. This resulted in gas supply disruption and substantive losses to Fortum's majority-owned Uniper, which was subsequently sold to the German government at a loss of around €6 billion. Also, the Russian Federation confiscated Fortum's Russian plants valued at around €5 billion. In transactions that were announced starting 8 June 2018 to 3 May 2024, Fortum India has sold 700 MW of solar power plants to Actis Llp; another 230 MW to UK Climate Investments and Elite Alfred Berg; and 185 MW to Malaysia's state-run oil and gas company Petroliam Nasional Bhd or Petronas's unit Gentari. The current transaction comes in the backdrop of Hyderabad-headquartered AM Green acquiring Oulu-headquartered biotechnology firm Chempolis Oy, in which Fortum has a stake, and also Fortum and Chempolis's 50% stake in their joint venture–Assam Bio Refinery Private Limited, as reported by Mint earlier. AM Green was set up by the founders of Greenko Group–Mahesh Kolli and Anil Kumar Chalamalasetty. India currently has around 25,202 EV public charging stations (EVPCS), with close to a fifth or ₹ 2,000 crore of a ₹ 10,900 crore central government scheme allocated for setting them up. Under the PM E-drive (PM Electric Drive Revolution in Innovative Vehicle Enhancement) scheme, the government plans to set up 22,100 public charging stations for electric cars; 48,400 stations for electric bikes, scooters, and three-wheelers; and 1,800 stations for electric trucks and buses by 31 March 2026. India has announced a number of schemes for promoting green mobility–including the ₹ 3,435.33-crore PM e-Bus Sewa-Payment Security Mechanism (PSM) scheme for deploying 38,000 electric buses; and a ₹ 18,100-crore PLI scheme for advanced chemistry cell (ACC) manufacturing, among others. India's Economic Survey presented earlier this year said that electric mobility is an important element in the country's path to net zero. 'Mitigating road transport emissions, which comprise nearly 75 per cent of the emissions from the transportation sector, is critical to India achieving its Net Zero goals by 2070," it noted. 'China's vertical integration across the entire electric vehicle (EV) supply chain, from mining to EV manufacturing, has enabled it to retain its global dominance in this sector," the survey added. Experts said all stakeholders should play their role. 'Highways should be constructed with EV charging stations every 25 km and the capex for that must be accommodated in the highway cost, which hardly makes any difference in the per-km cost of highways," said Reji Kumar Pillai, president of India Smart Grid Forum, an energy transition think tank. 'EV manufacturers' consortiums could also promote setting up of chargers nationwide. In Japan, a portion of the cost of EV is allocated to the fund for setting up chargers," Pillai added.
Time of India
28-04-2025
- Business
- Time of India
Adani Total Gas FY25 net profit down 1.9% at Rs 652 crore
Representative Image AHMEDABAD: Adani Total Gas Ltd (ATGL) on Monday reported a consolidated net profit after tax (PAT) of Rs 654 crore for FY25, marginally lower by 1.9% year-on-year against Rs 667.5 crore in FY24. The company's revenue from operations rose 12% to Rs 5,398 crore, driven by higher volumes in the CNG segment despite rising natural gas costs during the financial year. On the financial front, EBITDA for FY25 stood at Rs 1,167 crore, up 1% year-on-year, even as cost pressures from reduced allocation of lower-cost APM gas impacted margins. Revenue for Q4FY25 grew 15% year-on-year to Rs 1,448 crore, with a PAT of Rs 149 crore. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad During FY25, ATGL expanded its CNG network to 647 stations, adding 100 new stations over the year. PNG home connections grew to 9.63 lakh households, with 40,991 connections added during the fourth quarter alone. Total sales volume rose 15% year-on-year to 993 MMSCM, led by an 18% jump in CNG volumes. ATGL's EV arm, Adani TotalEnergies E-Mobility Ltd (ATEL), installed 3,401 EV charging points across 26 states and UTs, with 2,338 already energised and operational. ATEL has emerged as the country's top airport Charge Point Operator with a presence across 21 airports. In its biomass business, Adani TotalEnergies Biomass Ltd (ATBL) ramped up biogas production at its Barsana plant to 6.9 TPD and launched ' Harit Amrit ', an organic manure brand.
