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JBM Auto secures $100 million for electric bus expansion
Industry News- Sep 18,24
JBM ECOLIFE Mobility plans to utilise the funds to introduce 650 additional electric buses in multiple states in a phased manner.
Electric bus manufacturer JBM ECOLIFE Mobility Pvt. Ltd, a subsidiary of JBM Auto Ltd, has secured $100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). This investment aims to boost the supply and operations of electric buses across India, the company announced on September 17.
JBM ECOLIFE Mobility plans to utilise the funds to introduce 650 additional electric buses in multiple states in a phased manner. This funding follows the Union government's recent announcement of the PM E-drive scheme, an electric vehicle (EV) subsidy initiative designed to promote green energy-powered public transport. The scheme has a budget of Rs 109 billion to subsidise over 14,000 electric buses, aligning with JBM's expansion plans.
Nishant Arya, Vice Chairman and Managing Director, JBM Group, stated, "Over the years, we have been relentlessly working towards introducing zero-emission technologies that underscore our vision of promoting sustainable development." He also emphasised JBM's commitment to contributing to India's Net Zero 2070 target by advancing e-mobility.
JBM ECOLIFE Mobility, which has already deployed over 1,500 electric buses in India and holds an order book of over 6,500 e-buses, received this funding after undergoing comprehensive Environmental, Social, and Governance (ESG) audits. ADB's Director General for the Private Sector Operations Department, Suzanne Gaboury, highlighted the broader impact of investments in green mobility, stating, "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."
Najeeb Haider, Director General-Global Project and Corporate Finance, AIIB added that this association aims to enhance the quality of life in urban and semi-urban cities by accelerating the adoption of clean energy public mobility solutions.
(Mint)
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