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Macquarie sets up EV financing arm in India; to invest $1.5 B

Business Standard  

Australia’s Macquarie Group has launched its electric vehicle (EV) financing and end-to-end solutions platform Vertelo in India, which will invest USD 1.5 Billion in electrifying fleets of buses and cars. The platform will offer financing, fleet management, and charging infrastructure solutions.Around 5% of this investment would go towards creating charging infrastructure and other requirements. Most of the investment will be for acquiring the vehicles. The group plans to apply to the Reserve Bank of India (RBI) for a non-banking financial company (NBFC) licence to engage in EV financing.Vertelo has signed a long-term lease agreement with Chalo Mobility Pvt Ltd, a transport technology company, to supply 44 electric buses manufactured by JBM, to operate in Mumbai.