JBM Auto Secures $100 Million for Electric Bus Expansion

JBM Auto's subsidiary, JBM Ecolife Mobility, has obtained $100 million in strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). The funds will be used to supply and operate electric buses across India, contributing to the country's Net Zero 2070 target.

JBM Auto's arm, JBM Ecolife Mobility, announced Tuesday the acquisition of strategic funding amounting to USD 100 million from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).

These newly infused funds will be allocated towards the supply and operation of electric buses across multiple Indian states under the Gross Cost Contract (GCC) model, implemented in phases.

The company has an annual production capacity of 20,000 electric buses in the Delhi-NCR region. ''We continue to stand by our commitment towards playing a significant role in achieving India's Net Zero 2070 target,'' said Nishant Arya, Vice Chairman and Managing Director of JBM Group.

(With inputs from agencies.)