JBM ECOLIFE Mobility secures USD 100 million from ADB and Asian Infrastructure Investment Bank

These funds will be used for supplying and operating electric buses under the Gross Cost Contract (GCC) model in multiple states pan India in phased manner. 

Autocar Pro News Desk By Autocar Pro News Desk calendar 17 Sep 2024 Views icon1224 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
JBM ECOLIFE Mobility secures USD 100 million from ADB and Asian Infrastructure Investment Bank

JBM ECOLIFE Mobility, a JBM Auto subsidiary, has secured USD 100 million strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).

These funds will be used for supplying and operating electric buses under the Gross Cost Contract (GCC) model in multiple states pan India in phased manner. 

Nishant Arya, Vice Chairman and Managing Director, JBM Group said, "We are grateful to ADB and AIIB for their continued support in advancing sustainable public transportation across India. Going ahead we continue to stand by our commitment towards playing a significant role in achieving India’s Net Zero 2070 target."

 ADB Director General for Private Sector Operations Department Suzanne Gaboury noted, "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 and semi urban cities. We aim to set a precedent for the future green infrastructure projects in India."

Currently, JBM has deployed over 1,500 electric buses across 10 states and over 15 major airports in India. The company has an orderbook of 6500 plus electric buses deployed and under execution.  

RELATED ARTICLES
Pro Plus
Sona Comstar's tech-fuelled future roadmap

auther Autocar Pro News Desk calendar05 Oct 2024

Sona Comstar Chairman Sunjay Kapur outlines the company's ambitious plans to transform itself from a traditional auto co...

CG Power Enters Semiconductor Design with Acquisition of Renesas' RF Components Business

auther Autocar Pro News Desk calendar05 Oct 2024

CG Power and Industrial Solutions has acquired the Radio Frequency components business of Renesas Electronics, marking i...

JSW Group's 50 GWh battery manufacturing capacity to come up by 2028-2030

auther Autocar Pro News Desk calendar04 Oct 2024

The company is in talks with key battery makers for a technology tie-up to set up the cell manufacturing facility.