In the current popular narrative in India, if the Adanis make foray into a sector it is deemed as a signal about the prospects of that industry. They know which way the wind is blowing, as it were, is the general belief. So if you take that to be true, the EV (Electric Vehicles) sector in India is set for a boom time. For, Adani Total Gas Ltd (ATGL), a city gas distribution company, has entered the EV segment by launching its first electric vehicle charging station (EVCS).
The EVCS, located at ATGL’s CNG station at Maninagar in Ahmedabad, will offer best-in-class fast charging technology and convenient to use digital platform.
“The Commencement of EV business with setting up the first charging station in Ahmedabad is yet another milestone for Adani Total Gas to provide choice of newer green fuel to the larger consumer base in India while timely seizing an emerging business opportunity aligned to our vision to offer sustainable fuelling solutions on across all major cities and towns in India,' said Suresh P Manglani, CEO of Adani Total Gas in a press statement.
Adanis to build more EV charging stations based on demand
The Adanis seem to be in the business for the long haul. The company said it would expand its network by setting up 1500 EVCS across the country. What more, it has kept an expansion plan ready to move beyond 1500 EVCS, based on the demand generation and momentum building of EV ecosystem in the country.
In a sense, the EV charging business is an allied business for ATGL. The company has a strong footprint across the country as a retailer of CNG. ATGL is India's largest private CNG and piped cooking gas distributor. The company has the authorisation to retail CNG to automobiles and piped natural gas to household kitchens in 19 geographical areas.
So it already has a large retail space and good experience of serving the customers in the domain. Basically, it is not getting to the sector just because it is the fad of the day. The company understands the business and has the necessary wherewithal to keep it going in the long run.
"The company has the strategic fit to venture into electric mobility and capture a significant share of the rapidly growing EV market," ATGL said.
ATGL will be further helped by Adani Group’s existing capacity to generate renewable power and can further leverage group level synergies for sourcing green power. "The global experience of TotalEnergies SE in the EV infrastructure space is another factor that adds competitive edge to ATGL’s vision as it eyes market leadership in the space," the company said.
