(Reuters) – India’s non-banking finance company Shriram Finance has consolidated its green finance business under Shriram Green Finance, it said on Friday, and targeted assets under management (AUM) of 50 billion rupees ($588 million) over the next three to four years under the portfolio.
The green finance vertical will be built through financing electric vehicles (EV), battery charging stations, renewable energy products among others, the company said in an exchange filing.
The development comes at a time when the use of electric vehicles has grown rapidly in recent years to account for 2% of India’s annual sales of 4.2 million cars.
Shriram Green Finance will first focus on building the EV portfolio across India starting from Karnataka, Kerala, National Capital Region (NCR) and Maharashtra, the company said.
($1 = 85.0450 Indian rupees)
(Reporting by Dimpal Gulwani; Editing by Sumana Nandy)
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