Petronas Arm Gentari Initiates Sale Process for India EV Charging Business
Gentari, the clean energy subsidiary of Malaysia’s state-owned energy giant Petronas, has initiated the process to sell its green mobility and electric vehicle (EV) charging operations in India, according to people familiar with the matter.
What Happened
Gurgaon-based Gentari Green Mobility India has been put on the block as the company begins exploring a potential sale. The divestment process is in its early stages, and potential bidders are yet to be formally contacted. The unit houses the firm’s EV charging network and related green mobility solutions across the country.
This development follows an earlier effort by the Malaysia-headquartered clean energy firm to divest up to a 50 percent stake in its Indian renewable energy generation business—which includes a 1.6-gigawatt asset portfolio acquired from Brookfield for an enterprise value of $900 million. That stake sale has not yet materialised.
Key Highlights
- Network Reach: Gentari Green Mobility India operates 3,000 electric vehicle charging stations across 11 states in northern, western, central, and southern India.
- Operations and Partnerships: The charging points are managed independently as well as via a partnership with Shell Plc, situated in city centres and along highway locations such as hotels and restaurants.
- Mobility Offerings: Beyond EV charging points, the business offers vehicle-as-a-service EV subscriptions via the Gentari Go mobile application and is pursuing expansion through tie-ups with original equipment manufacturers.
- Capital Structure: According to public filings, Gentari Green Mobility India holds an authorised share capital of ₹24.25 crore.
- Parent Profile: Parent entity Petronas is a Kuala Lumpur-based state-owned energy corporation with annual revenue of approximately $65 billion and global operations spanning Southeast Asia, Africa, Australia, North America, and West Asia.
Why This Matters
The proposed sale comes amid growing electric vehicle adoption in India, supported by government programmes encouraging clean mobility in public transportation. Industry activity in the segment has seen notable transactions, such as Macquarie acquiring a significant minority stake in Chargezone in 2023—a deal that valued the 3,500-station network at around ₹1,500 crore—and JSW Green Mobility recently investing in Eversource Capital-backed Lithium Urban Technologies.
According to an executive at an investment firm, formal valuation for the business will largely depend on the actual utilisation rates of the charging infrastructure across its network.
What to Watch Next
As the sale process has just commenced, the next steps involve outreach to prospective buyers and evaluating interest from domestic and international infrastructure investors.
Frequently Asked Questions
What assets does Gentari Green Mobility operate in India?
The company operates approximately 3,000 EV charging points across 11 Indian states, both independently and in partnership with Shell Plc, along with EV subscription services marketed under its Gentari Go app.
What is the status of Gentari’s renewable generation business in India?
Gentari previously acquired 1.6 GW of renewable energy generation assets from Brookfield for $900 million and subsequently sought a partner to divest up to a 50 percent stake, a transaction that has not yet concluded.
Source: The Economic Times