This initiative aims to promote energy-efficient tyre manufacturing, strengthen domestic supply chains, and create employment opportunities, says JK Tyres.

The company says this move to unlock value from non-core assets is consistent with Rane Holding Ltd’s strategic objective of streamlining operations and strengthening financial performance.

The majority of this order are non-AC diesel buses.

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.

This strategic move underscores Valeo’s commitment to supporting India’s electric mobility transition.

Sales of light-duty passenger vehicles (7.5 tons and below) were up in the FY 2024/25 with rate of 5.9% to register 54,807 units (51,750).

Sales of buses and coaches (>7.5t gvw) in the FY 2024/25 increased by 23.4% to 65,580 units from 53,137 units in the previous fiscal year.

Sales of LCV goods carrier (truck) vehicles (gvw ≤ 7.5t) fell by 2.8% to 528,045 units in FY 2024/25 from 543,008 units in FY 2023/24.

Total tractor sales slipped 2.2% during FY 2024/25 to register 67,574 units compared with 69,115 units in the previous year (FY2023/24).

Sales of medium and heavy rigid trucks (7.5t gvw and above) experienced a decrease of 4.4% to 239,847 units in FY 2024/25 from 250,969 units in the financial year 2023/24.

This move is aimed at maintaining SMRP B.V.’s existing ownership stake in the company as REE raises fresh capital to support the commercialization of its order book.

This is the first and largest outright purchase of electric buses by a state transport corporation in India.