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.