JBM Ecolife Mobility secures USD100m from Asian Banks to supply electric buses across multiple states in India
By RACE Innovations Pvt Ltd - 22nd December 2024
JBM's 12m low entry electric city bus
India – Electric bus builder, JBM Ecolife Mobility Pvt Ltd1, a subsidiary of JBM Auto Ltd in Gurugram, has secured USD100m in strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). These funds are to be used for supplying and operating electric buses under the Gross Cost Contract (GCC) model in multiple states across India in a phased manner.
Nishant Arya, Vice Chairman and Managing Director, JBM Group said: "We are grateful to ADB and AIIB for their continued support in advancing sustainable public transportation across India. Going ahead we continue to stand by our commitment towards playing a significant role in achieving India’s Net Zero 2070 target."
