Macquarie's $1.5 bln India EV platform to focus on fleet electrification

Jbm Auto

22/04/2024 12:54

By Dhwani Pandya and Nandan Mandayam
       MUMBAI, April 22 (Reuters) - Australia's Macquarie Group
launched on Monday an EV financing platform for India that will
focus 95% of its $1.5 billion investment on electrifying fleets
of commercial vehicles. 
    The platform, called Vertelo, will offer financing, fleet
management and charging infrastructure solutions, its chief
executive Sandeep Gambhir said at the launch. 
    The remaining 5% of investment will go towards charging
infrastructure and other requirements.
    Macquarie had previously said it would launch an EV
financing platform along with the United Nations' Green Climate
Fund (GCF) targeting initial investments on electric buses,
shared fleets and charging infrastructure, but did not give a
breakdown.
    The Australian financial services conglomerate's focus on
fleet electrification comes as EV sales are slowing down
globally, with carmakers resorting to discounts to boost demand.
    BP-backed startup BluSmart and Lithium operate a fleet of
electric taxis in India, while Uber has also added electric cars
in India by partnering with fleet operators.
    Vertelo will buy up to 2,000 electric cars from Indian EV
market leader Tata Motors  TAMO.NS  over the next three years,
and up to 2,000 buses each from electric bus makers JBM Auto
 JBMA.NS  and Eka Mobility over the next three-to-five years,
Macquarie said in a statement.
    The platform has so far drawn equity investments totalling
$405 million from Macquarie and the GCF and will deploy $1.5
billion over the next 10 years. 
    Macquarie in December picked up a minority stake in Indian
fast-charging infrastructure provider Charge Zone.

 (Reporting by Dhwani Pandya in Mumbai and Nandan Mandayam in
Bengaluru
Editing by Mark Potter)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))