The Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) have provided $100 million in strategic investment to JBM ECOLIFE Mobility (P) Ltd, a JBM Auto Limited subsidiary and a pioneer in electric bus mobility in India. 650 electric buses will be supplied and run throughout several Indian states under the Gross Cost Contract (GCC) mechanism. This is a big step toward the company’s goal of encouraging environmentally friendly public transportation in India.
After thorough Environmental, Social, and Governance (ESG) audits, the money was obtained, proving JBM’s dedication to sustainable mobility and the circular economy. The money will play a key role in modernizing public transit in a number of communities by offering safe, cutting-edge, and environmentally sustainable mobility options.
With over 1,500 electric buses now in operation in ten states and over fifteen major Indian airports, JBM currently has over 6,500 buses on order that are being built. With an annual production capacity of 20,000 electric buses, the business has also established the largest dedicated integrated electric bus manufacturing facility outside of China, situated in the Delhi-NCR region.
Suzanne Gaboury, Director General of ADB’s Private Sector Operations Department, emphasized the significance of the project in advancing public health and climate action. “Encouraging electric buses is an investment in sustainable infrastructure and cleaner air,” he stated.
According to Najeeb Haider, Director General of Global initiative and Corporate Finance at the AIIB, the goal of this initiative is to improve the quality of life in urban and semi-urban areas by speeding up renewable energy public transportation options.
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