JBM ECOLIFE Secures USD 100 Million Funding for Electric Buses

Key Highlights:

• JBM ECOLIFE Mobility secured USD 100 million in funding from ADB and AIIB.
• The funds will be used for electric buses under the GCC model across India.
• JBM aims to support India’s Net Zero 2070 target with this initiative.
• ADB and AIIB's partnership will promote clean and safe public transport in India.
• JBM has deployed over 1,500 electric buses and holds orders for 6,500 more.

JBM ECOLIFE Mobility, a subsidiary of JBM Auto, has received a significant funding of USD 100 million. This funding comes from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). 

The funds will be used to supply and operate electric buses in various states across India, following the Gross Cost Contract (GCC) model. The project will be implemented in a phased manner.

Support for Sustainable Transportation

Nishant Arya, Vice Chairman and Managing Director of JBM Group, expressed gratitude to both ADB and AIIB for their continued support. He emphasized the company's commitment to contributing to India's Net Zero 2070 goal, stating that JBM will play a key role in promoting sustainable public transportation across the country.

ADB and AIIB on the Collaboration

Suzanne Gaboury, ADB Director General for Private Sector Operations, highlighted that this partnership with JBM will help develop a cleaner, safer, and more inclusive public transport system in India.

Najeeb Haider, Director General for Global Project and Corporate Finance at AIIB, mentioned that this collaboration is aimed at accelerating clean energy adoption in urban and semi-urban cities, ultimately improving the quality of life for citizens.

JBM's Current Operations and Future Plans

JBM has already deployed over 1,500 electric buses in 10 states and more than 15 major airports across India. The company’s orderbook has grown to over 6,500 electric buses, either deployed or under execution.

Also Read: Electric Buses Sales Report August 2024: Tata Motors Emerges as Top Choice for E-Buses

CMV360 Says

This funding deal is a positive move for India’s public transport system. It shows that there is strong support for clean energy solutions in cities, which will help reduce pollution and improve the quality of life. With more electric buses on the roads, the future of public transport looks promising and more sustainable.