JBM Ecolife Secures USD 100 Mn from ADB and AIIB to Drive Electric Bus Expansion The fresh capital will be used for expanding the supply and operation of electric buses across multiple states in India, using the Gross Cost Contract (GCC) model.
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JBM Ecolife Mobility, a subsidiary of JBM Auto and a player in India's electric bus mobility and EV ecosystem, has secured USD 100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
This investment will be directed towards expanding the supply and operation of electric buses across multiple states in India, using the Gross Cost Contract (GCC) model. This phased expansion aligns with JBM's mission of bringing green public mobility to grassroots levels across the country.
The funding follows comprehensive Environmental, Social, and Governance (ESG) audits conducted by approved consultants, demonstrating JBM's commitment to sustainable mobility and a circular economy.
Nishant Arya, Vice Chairman and Managing Director of JBM Group, said, "Over the years, we have been relentlessly working towards introducing zero-emission technologies that underscore our vision of promoting sustainable development, which contributes to the responsible growth of the organisation and all its stakeholders. We have been pioneers in bringing electric mobility solutions to India and have consciously developed a complete EV ecosystem that accelerates the deployment of EVs across multiple geographies."
"Going ahead, we continue to stand by our commitment towards playing a significant role in achieving India's Net Zero 2070 target. Our electric buses will continue to lead India's e-mobility momentum towards taking clean public mobility solutions to the grassroot level," Arya added.
Currently, JBM Ecolife operates around 1,200 electric buses in cities such as Mumbai, Delhi, Ahmedabad, Surat, Bhubaneswar, and Cuttack. The company is expanding its footprint across other cities and states, with plans to operate over 6,500 buses within the next two years.
JBM claims to have set up the world's largest (outside China) dedicated integrated electric bus manufacturing facility, located in the Delhi-NCR region, with an annual production capacity of 20,000 electric buses.
"Supporting electric buses is an investment not only in sustainable transport but also in public health through cleaner air and in climate action through lower emissions. By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure," said ADB Director General for Private Sector Operations Department Suzanne Gaboury.
Najeeb Haider, Director General, Global Project and Corporate Finance at AIIB, added, "This association focuses on accelerating the adoption of clean energy public mobility solutions directed towards enhancing the quality of life in urban and semiurban cities. We aim to set a precedent for the future green infrastructure projects in India, this one being a transformative project that will drive sustainable and resilient development."
