Adani Total Gas Ltd (ATGL), a joint venture of Adani Group & French energy giant Total Energy, has entered the EV charging infrastructure sector by launching its first EV charging station in Ahmedabad. The charging station is located at ATGL's CNG station at Maninagar on the outskirts of Ahmedabad.
Suresh P. Manglani, the CEO, of Adani Total Gas, said, “The commencement of EV business with setting up the first charging station in Ahmedabad is yet another milestone for Adani Total Gas to provide a choice of newer green fuel to the larger consumer base in India while timely ceasing an emerging business opportunity aligned to our vision to offer sustainable fueling solutions in all major cities and towns in India.”
ATGL is India's largest private CNG & piped cooking gas distributor.
The company aims to expand its network by setting up 1,500 EV charging stations across the country.
This charging station of Adani Total Gas has been built at the company’s CNG station located in Maninagar, Ahmedabad.
The global experience of Total in the EV infrastructure space is another factor that adds a competitive edge to ATGL's vision as it eyes a major market chunk in the space.
In October 2019, Total & Adani came together to accelerate CNG retail expansion in India. Since then, the company has consolidated market space in the sector.
ATGL, which has a strong distribution network across the country as a retailer of CNG, aims to capitalize on this strength to build a network of EV charging stations. The company is nicely positioned to play a proactive role in the electric mobility business as it owns the retail space, has domain experience and has a wide customer base across India.
Shares of Adani Total Gas rallied by a massive 8% in a single day, the day after the company announced that it was foraying into the electric mobility infrastructure sector.
Shares of the company were trading 3.1% higher at Rs 2,118 a piece after the company launched its first electric vehicle charging station in Ahmedabad.
The Adani group is also planning to use electric buses & trucks for its in-house requirements in airports, ports and other logistical purposes. Future plans also include manufacturing batteries for EVs. The group plans to establish an R&D center in its SEZ at Mundra (Gujarat) focusing on electric mobility.
When it comes to green projects, Adani Group already has a strong presence in the renewable energy sector with operations spread across solar & wind power. The group also operates one of the largest solar power plants in the world!
The brand aims to expand its network by setting up 1500 electric vehicle charging stations across the country in the first phase. According to a statement from the company, it has kept an expansion plan ready to move beyond 1500 EV charging stations based on demand generation and momentum of the EV ecosystem in the country.
Adani Group's entry and consolidation into the EV sector will certainly spice up the market.