New Delhi, Apr 23 (KNN) Australia’s diversified financial group Macquarie has made its foray into the Indian market with the launch of its electric vehicle (EV) financing and comprehensive solutions platform, Vertelo.

With a substantial commitment of USD 1.5 billion, Vertelo aims to accelerate the electrification of fleets, primarily focusing on buses and cars.

Notably, approximately 95 per cent of this investment will be directed towards electrifying commercial vehicles.

Vertelo's offerings encompass a range of services including financing, fleet management, and charging infrastructure solutions, underscoring its holistic approach towards facilitating the transition to electric mobility.

A noteworthy aspect of this investment is that 5 per cent will be allocated towards charging infrastructure and other related requirements, ensuring a well-rounded approach to supporting EV adoption.

In line with its ambitious goals, Vertelo has outlined plans to procure up to 2,000 electric cars from Tata Motors, a leading player in the Indian EV market, over the next three years.

Additionally, it aims to purchase up to 2,000 buses each from electric bus manufacturers JBM Auto and Eka Mobility within the next three-to-five years.

Further reinforcing its commitment to the Indian EV ecosystem, Macquarie had previously acquired a minority stake in Charge Zone, an Indian fast-charging infrastructure provider, in December.

(KNN Bureau)