JBM Auto’s arm, JBM Ecolife Mobility, said on Tuesday that it secured $100 million in strategic funding from the Asian Development Bank and the Asian Infrastructure Investment Bank.
According to a regulatory filing, the company will infuse the sum to supply and operate electric buses across multiple states in India under the gross cost contract model.
A GCC model is a contractual arrangement commonly used in public transportation where the authority pays the operator a fixed sum for the service to control costs and ensure service quality.
The statement said that the move seamlessly aligns with the company’s mission towards taking the green public mobility revolution to the grassroots level in India.
It has an annual production capacity of 20,000 electric buses in the Delhi-NCR region.
“We are grateful to ADB and AIIB for their continued support in advancing sustainable public transportation across India,” said Nishant Arya, vice chairman and managing director of JBM Group, in the statement.
Setting a Precedent
Arya further said that his company has been a pioneer in bringing electric mobility solutions to India and has consciously developed a complete EV ecosystem that accelerates the deployment of EVs across multiple geographies.
“By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure,” said Suzanne Gaboury, director-general for ADB’s private sector operations department.
Najeeb Haider, director-general for the global project and corporate finance at AIIB, said: “We aim to set a precedent for the future green infrastructure projects in India, this being a transformative project that will drive sustainable and resilient development.”
JBM Ecolife Mobility has deployed over 1,500 electric buses across 10 states and over 15 major airports in India. The company boasts a robust order book of over 6,500 electric buses deployed and under execution.
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