ADB and JBM Group Sign $43.2M Deal to Expand Electric Bus Fleet in India

The funding will support the procurement of up to 650 electric buses, along with costs for operations, maintenance, depots, and charging infrastructure.

The Asian Development Bank (ADB) and the JBM Group have signed a non-convertible debenture loan of INR 3.6 billion (approximately $43.2 million) to boost electric bus access in the Indian states of Haryana and Odisha. The funding will support the procurement of up to 650 electric buses, along with costs for operations, maintenance, depots, and charging infrastructure.

ADB, acting as the lead arranger, managed the entire debt package of INR 7.2 billion, which also included a contribution of INR 3.6 billion from the Asian Infrastructure and Investment Bank (AIIB). The project aims to promote sustainable transport, improve public health, and reduce emissions by enhancing e-mobility in India.

“This investment supports not only sustainable transport but also public health and climate action. By advancing e-mobility, ADB is helping communities cut their carbon footprint and build eco-friendly infrastructure,” said Suzanne Gaboury, ADB Director General for Private Sector Operations.

The initiative will also benefit women by addressing gender gaps in the transport sector. A gender action plan developed by ADB and JBM Group aims to create safer workplaces for women through CCTV monitoring, safety protocols, and driving programs to encourage women's participation in nontraditional roles like bus driving.

JBM Group Vice Chairman Nishant Arya expressed gratitude for the support from ADB and AIIB, highlighting the company's commitment to zero-emission technology and sustainable development.

JBM Group, established in 1983, is a leading player in electric mobility and operates over 60 manufacturing plants worldwide.