JBM Auto Subsidiary Gets $100-Million Funding From ADB, AIIB

JBM Auto Ltd.'s subsidiary, JBM Ecolife Mobility (P) Ltd., has secured $100 million in funding from the Asian Development Bank and the Asian Infrastructure Investment Bank. The funds will be utilised to supply and operate electric buses across multiple states in India, under the Gross Cost Contract model, with the rollout happening in phases, as per an exchange filing on Tuesday.

The strategic funding has been secured following comprehensive environmental, social and governance audits conducted by approved consultants, truly reflecting JBM’s commitment towards augmenting sustainable mobility across the globe and its focus on the circular economy.

"This development marks a pivotal step in transforming public transportation within multiple cities, providing them with clean mobility solutions that are technologically superior, safe and convenient," the company said.

Currently, JBM has deployed over 1,500 electric buses across 10 states and more than 15 major airports in India. The company boasts an orderbook of over 6,500 electric buses, deployed and under execution.

Notably, JBM has set up the world's largest (outside China) dedicated integrated electric bus manufacturing facility, located in the Delhi-NCR region, with an annual production capacity of 20,000 electric buses.

Shares of JBM Auto Ltd. closed 2.11% lower at Rs 1,983 per share, compared to a 0.14% advance in the NSE Nifty 50.