JBM Auto arm secures $100 mln funding from ADB, AIIB

JBM Auto informed that its wholly-owned subsidiary, JBM Ecolife Mobility has successfully secured a $100 million strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).

JBM Ecolife Mobility, a subsidiary (JV) of JBM Auto, is India's leading electric bus mobility and EV ecosystem player. The company is currently operating 1200 buses across multiple cities across multiple states including Mumbai, Delhi, Ahmedabad, Surat, Bhubaneswar, Cuttack and many others.

The funds will be infused towards supplying and operating electric buses under the gross cost contract (GCC) model in multiple states pan India in phased manner. This seamlessly aligns with the companys mission towards taking the green public mobility revolution to the grassroot level in India.

 

The strategic funding has been secured following comprehensive Environmental, Social and Governance (ESG) audits conducted by approved consultants, truly reflecting JBMs commitment towards augmenting sustainable mobility across the globe and its focus towards circular economy.

Currently, JBM has deployed over 1,500 electric buses across 10 states and 15 and more major airports in India. The company boasts of a robust orderbook of over 6500 electric buses deployed and under execution. Notably, JBM has set up the world's largest (outside China) dedicated integrated electric bus manufacturing facility, located in Delhi-NCR region, with an annual production capacity of 20,000 electric buses.

Nishant Arya, Vice Chairman & MD, JBM Group, We are grateful to ADB and AIIB for their continued support in advancing sustainable public transportation across India, 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 organization 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.

Going ahead we continue to stand by our commitment towards playing a significant role in achieving Indias Net Zero 2070 target. Our electric buses will continue to lead Indias e-mobility momentum towards taking clean public mobility solutions to the grassroot level, Arya further added.

ADB director general for private sector operations department, Suzanne Gaboury said, Supporting electric buses is an investment not only in sustainable transport, but also in public health through cleaner air and in climate acƟon through lower emissions. By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure. ADBs partnership with the JBM Group will help build clean, safe, and inclusive public transport in India.

Najeeb Haider, director general, global project and corporate finance at 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. We aim to set a precedent for the future green infrastructure projects in India, this one being a transformative project that will drive sustainable and resilient development.

JBM Auto is engaged in the automotive business that manufactures and sell sheet metal components, tools, dies & moulds and buses including sale of spare parts, accessories & maintenance contract of buses.

The JBM Group Companys consolidated net profit jumped 10.7% to Rs 33.40 crore in Q1 FY25 as against Rs 13.80 crore in Q1 FY24. Revenue from operations jumped 21% year on year (YoY) to Rs 1,144.50 crore in the quarter ended 30 June 2024.

Shares of JBM Auto fell 0.27% to currently trade at Rs 2,019.10 on the BSE.

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