JBM Auto's arm, JBM Ecolife Mobility, on Tuesday said it has secured strategic funding of USD 100 million from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).
The newly infused fund will be used to supply and operate electric buses across multiple states in India under the Gross Cost Contract (GCC) model, implemented in a phased manner, it said.
JBM has an annual production capacity of 20,000 electric buses in the Delhi-NCR region.
"We continue to stand by our commitment towards playing a significant role in achieving India's Net Zero 2070 target," said Nishant Arya, Vice Chairman and Managing Director, JBM Group.
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"By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure," said Suzanne Gaboury, ADB Director General for Private Sector Operations Department.
"ADB's partnership with the JBM Group will help build clean, safe, and inclusive public transport in India," Gaboury stated.
Najeeb Haider, Director General, Global Project and Corporate Finance at AIIB said, "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," he added.
JBM Ecolife Mobility Pvt Ltd currently operates around 1,200 buses across multiple cities across multiple states including Mumbai, Delhi, Ahmedabad, Surat, Bhubaneswar, Cuttack and many others and plans to expand its network in other cities and states as well and will be operating 6500+ buses within next two years, according to the company.
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