JBM ECOLIFE Mobility secures USD 100 M funding from ADB and AIIB

JBM ECOLIFE Mobility (P) Ltd, a subsidiary of JBM Auto Limited and e-bus operator, has obtained USD 100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). The funds will be used to supply and operate electric buses under the Gross Cost Contract (GCC) model across various states in India in a phased approach.

JBM Ecolife is currently operating ~1200 buses across multiple cities, including Mumbai, Delhi, Ahmedabad, Surat, Bhubaneswar, Cuttack and many others. 

As per the company statement, JBM has deployed over 1,500 electric buses in 10 states and at more than 15 major airports in India. The company has an order book for over 6,500 electric buses. Additionally, JBM has established a large electric bus manufacturing facility in the Delhi-NCR region, capable of producing 20,000 buses annually.

JBM’s electric buses, introduced in 2018, have already achieved 150 million e-kilometers of their 1 billion e-kilometer promise, added the statement.

“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. “ We have been pioneers in bringing electric mobility solutions in 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.”

“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, Global Project and Corporate Finance at AIIB said, “This association focusses at 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 the future green infrastructure projects in India, this one being a transformative project that will drive sustainable and resilient development.”

Also read: Jindal Stainless and JBM Auto team up for over 500 electric buses deployment