The ECOLIFE represents the company’s first major foray into the European market, and with its mix of Indian manufacturing scale and European operational presence, JBM appears poised to challenge established OEMs in the fast-growing electric city bus segment.

The deal marks IFC’s largest-ever e-bus deployment financing and its first direct equity investment in Asia’s e-bus sector.

The company also announced that its European operations are now headquartered in Frankfurt, Germany, overseen by Daniel Fräde, Director of Sales, Marketing & After Sales Europe.

The primary function of JBM EV Ventures Pvt Ltd is to offer electric vehicle (EV) battery services through subscription-based models, including leasing and rental options.

The project - valued at approximately USD660mn (INR 5,500 crore) - includes full-scale electric and civil infrastructure development under a Gross Cost Contracting (GCC) model.

The order includes 150 high-end electric luxury intercity coaches and 50 e-buses.

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.

JBM is becoming a major suppliers of city buses in India. It also has plans to export to Europe.