JBM ECOLIFE Mobility raises $100 million from Asian Development Bank, Asian Infrastructure Investment Bank

JBM ECOLIFE Mobility, a subsidiary (JV) of JBM Auto Limited and electric bus mobility and EV Ecosystem player, has raised $100 million strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).

The company said it will infuse the raised capital into supplying and operating electric buses under the Gross Cost Contract (GCC) model in multiple states across India in a phased manner. 

The development seamlessly aligns with the company’s mission to take the green public mobility revoluƟon to the grassroots level in India.

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JBM's market presence

Currently, JBM has deployed over 1,500 electric buses across 10 states and 15+ major airports in India.

The company claims to have an orderbook of 6500+ electric buses deployed and under execution.

Notably, JBM has set up the world's largest (outside China) dedicated integrated electric bus manufacturing facility in the Delhi-NCR region.

The facility has an annual production capacity of 20,000 electric buses, the release notes.

“We are grateful to ADB and AIIB for their continued support in advancing sustainable public transportation across India,” said Nishant Arya, Vice Chairman & Managing Director, JBM Group. 

“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," Arya said.

Achieving Net Zero 2070 target

Arya further said that the company aims to play 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 grassroots level," Arya added.

Investors comment

“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.

“ADB’s partnership with the JBM Group will help build clean, safe, and inclusive public transport in India.”

Najeeb Haider, Director General of global Project and Corporate Finance at AIIB, said, “This association focuses on accelerating the adoption of clean energy public mobility solutions directed towards enhancing the quality of life in urban & semi-urban cities. We aim to set a precedent for future green infrastructure projects in India, this one being a transformative project that will drive sustainable and resilient development”.