May 20, 2024
Loans

EV loans to chargers: Oz financial company Macquarie to invest $1.5 billion


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.

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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.



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