 "Shriram Finance targets Rs 5,000 cr AUM for green lending in 3-4 years")
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 Rs 5000 cr ($588 million) over the next three to four years under the portfolio.
The green finance vertical will be built through financing electric vehicles (EV), including two-wheelers, battery charging stations and renewable energy products, among others, the company said.
The focus is now on building an EV portfolio across India, including Karnataka and the National Capital Region.
The development comes at a time when the use of electric vehicles has grown rapidly in recent years to account for 2 per cent of India's annual sales of 4.2 million cars.
Shriram Finance's total AUM was 2.43 trillion rupees as of September end and its green financing portfolio is currently around Rs 600 cr- Rs 700 cr, the company said at a press conference.
The company currently finances 7 per cent of the electric two-wheelers that are bought on loans in the country and wants to take the number up to 20 per cent over the next few years, its CEO and MD Y.S. Chakravarti said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)