JBM Auto Secures USD 100 Million Funding from Asia Development Bank

The Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank have provided $100 million in funding to JBM ECOLIFE Mobility Pvt. Ltd, a JBM Auto Ltd. subsidiary and manufacturer of electric buses. The company declared that this investment will support the nationwide expansion of its e-bus operations and supply. As stated in the Sources.

JBM ECOLIFE Mobility has announced plans to use the funding to phase in the deployment of 650 additional electric buses across multiple states.

Just a week after the Union government unveiled its new electric vehicle (EV) subsidy scheme, the PM E-drive, aimed at boosting green energy-powered public transport, multilateral banks have shown a strong interest in financing green mobility in the world's fastest-growing economy.

The e-bus manufacturer's plans align with the Prime Minister's E-Drive initiative, which aims to subsidize over 14,000 electric buses and other green energy-powered vehicles through a funding allocation of ₹10,900 crore.

Nishant Arya, vice chairman and managing director, JBM Group  Said  “Over the years, we have been relentlessly working towards introducing zero-emission technologies that underscore our vision of promoting sustainable development which contributes to the responsible growth of the organisation and all its stakeholders."