JBM acquires stake in EV arms

The EV arms make lithium ion batteries and key aggregates for EVs

By Mayank Dhingra

10 Jan 2022

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JBM Auto has announced the acquisition of 51 percent stake in JBM Green Energy Systems. and JBM EV Industries through its subsidiary JBM Electric Vehicles. Post this stake acquisition, JBM Green Energy Systems and JBM EV Industries have become the indirect subsidiary companies of JBM Auto.

While JBM Green Energy makes complete lithium-ion battery packs for electric vehicles, JBM EV industries manufactures key aggregates and auto systems for electric vehicles. Nishant Arya, vice-chairman and MD, JBM Auto said, “This stake acquisition is a testimony to the fact that JBM Auto is committed towards its mission of commissioning the end-to-end e-mobility ecosystem completely localised in India. We started working towards this mission since the announcement of FAME 1 and have, since then, developed synergies between our various businesses in critical e-mobility domains such as electric buses, battery technology, charging infrastructure and other aggregates”.

According to Arya, the company has over 25 local vendors for different EV products across India. “We have already deployed our e-mobility platform solution in various states and tailored to provide optimum cost of ownership to the customer,” Arya added

JBM Auto’s 100% electric buses EcoLife have been already operating in Karnataka, Gujarat, the Delhi-NCR region, Maharashtra, Andaman & Nicobar, among others. The recent flag-off of JBM EcoLife electric buses in Karnataka marks the first-ever rollout of electric buses in the state. JBM Auto recently delivered the prototype of its EV bus for the Delhi Transport Corporation. A formal launch is expected soon.

On the results front, JBM Auto registered a 22.74 percent increase in net profit to Rs 25.19 crore in Q2 FY2022 as compared to Rs 20.52 crore in Q2 FY2021. Sales including other operating income stood at Rs 752.72 crore compared to Rs 517.35 crore in Q2 FY2021, up 45.50 percent. The company’s PAT was Rs 42.14 crore in Q2 FY2022 as compared to Rs 31.51 crore in Q2 of the previous year, up 33.74 percent.