MUMBAI: Australian financial services giant Macquarie will build electric vehicle charging stations, extend e-vehicle loans, provide fleet management services and offer scrapping solutions. It will foray into these areas through its just launched e-mobility platform called Vertelo.
This platform, unique to Macquarie India, which is more known as an M&A adviser, plans to invest $1.5 billion in the country, making this the Sydney-based firm's major investment in Asia's third-largest economy. The move comes as India steps up efforts to attract investments while transitioning to a green ecosystem.
Vertelo, led by Sandeep Gambhir, has received a commitment of $200 million from Green Climate Fund, a part of the United Nations' climate body.
It will be applying for an NBFC licence with RBI for the credit finance business. In the leasing business, it will buy a total of 6,000 e-buses from JBM, Eka Mobility and Tata Motors over the next three years. It has already signed a long-term lease agreement with luxury AC bus operator Chalo Mobility to supply 44 e-buses.
In Dec 2023, Macquarie Capital - an arm of the Australian firm - had picked up a minority stake in ChargeZone, which operates over 1,500 electric vehicle charging stations in India.
Govt has stressed the need to decarbonise the transport industry, setting a target of electrifying around 30% of the vehicle fleet by 2030.
Macquarie Group has been active in India for more than 15 years, having invested over $2.5 billion in the infrastructure space, and employing around 1,800 people.
Reeba Zachariah is assistant corporate editor at The Times of Ind...
Read MoreReeba Zachariah is assistant corporate editor at The Times of India, Mumbai. She has been covering large Indian business houses such as the Tata Group. She also reports on a host of sectors like hospitality, retail, travel, liquor and consumer durables. She has been writing on mergers and acquisitions and private equity.
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