JBM Ecolife Mobility raises $100 million from ADB, AIIB to deploy electric buses

JBM Ecolife Mobility (P) Ltd., a Joint Venture subsidiary of JBM Auto Ltd., said it had secured $100 million funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) which will be infused towards supplying and operating electric buses under the Gross Cost Contract (GCC) model in multiple states pan India in phased manner. 

“The strategic funding has been secured following comprehensive Environmental, Social and Governance (ESG) audits conducted by approved consultants, truly reflecting JBM’s commitment towards augmenting sustainable mobility across the globe and its focus towards circular economy,” the company said in a statement.

Currently, JBM has deployed over 1,500 electric buses across 10 states and over 15 major airports in India. 

Nishant Arya, Vice Chairman & Managing Director, JBM Group in a statement 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.” 

“We have been pioneers in bringing electric mobility solutions in India and have consciously developed a complete EV ecosystem that accelerates the deployment of EVs across multiple geographies,” he added.

“Supporting electric buses is an investment not only in sustainable transport, but also in public health through cleaner air and in climate action through lower emissions,” said Suzanne Gaboury, Director General for Private Sector Operations Department, ADB.

Najeeb Haider, Director General, Global Project and Corporate Finance, AIIB said, “This association focusses at accelerating the adoption of clean energy public mobility solutions directed towards enhancing the quality of life in urban & semi urban cities.”