Now Reading: Petronas unit Gentari puts Indian EV charging business up for sale
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Petronas unit Gentari puts Indian EV charging business up for sale
Petronas unit Gentari puts Indian EV charging business up for sale
Petronas subsidiary Gentari has put its Indian green mobility unit, Gentari Green Mobility India, up for sale, Economic Times reports. The Gurgaon-based company operates 3,000 electric vehicle charging points across 11 states,…
The Story in Brief
Petronas subsidiary Gentari has put its Indian green mobility unit, Gentari Green Mobility India, up for sale, Economic Times reports. The Gurgaon-based company operates 3,000 electric vehicle charging points across 11 states, both independently and with Shell Plc. It has an authorised share capital of Rs 24.25 crore. The sale process has just begun and no bidders have been contacted yet, sources said. This comes after an attempt to sell a minority stake in Gentari's Indian renewable generation unit last year did not materialise. In a comparable deal, Macquarie bought a stake in Chargezone in 2023 at a reported valuation of around Rs 1,500 crore for about 3,500 charging points.
The Indian Opinion
The narrative that India's EV charging market is an obvious winner takes a hit when a deep-pocketed player like Petronas exits. Gentari's sale follows an even bigger attempt to offload renewable generation assets that stalled. The real test is not how many charging points exist, but how many are actually used. Watch for the valuation multiple bidders assign, if it falls short of the Chargezone deal, the rosy assumptions about EV adoption need a hard reset.
Source: auto.economictimes.indiatimes.com
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