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.