JBM Ecolife Secures $100 Million Funding
ECONOMY & POLICY

JBM Ecolife Secures $100 Million Funding

Haryana-based JBM Ecolife Mobility has successfully secured $100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). This capital will facilitate the supply and operation of electric buses under the Gross Cost Contract (GCC) model across various states in India, with plans to deploy 650 e-buses, initially focusing on Haryana and Odisha.

The funding was granted following comprehensive Environmental, Social, and Governance (ESG) audits conducted by accredited consultants. Currently, JBM has deployed over 1,500 electric buses across ten states, serving more than 15 major airports in India. The company boasts an extensive order book of over 6,500 electric buses in various stages of execution.

JBM has established an integrated electric bus manufacturing facility in the Delhi-NCR region, with an impressive annual production capacity of 20,000 units. In August 2024, JBM signed an agreement with LeafyBus to supply 200 ultra-modern electric luxury buses for inter-city transportation.

From 2021 to 2024, JBM has developed a lithium-ion battery plant in Bawal, Haryana, alongside an electric bus manufacturing facility in Banchari, Haryana. Recently, the Union Cabinet approved the PM-eBus Sewa-Payment Security Mechanism Program, allocating ?34.35 billion ($409 million) to support the procurement and operation of over 38,000 electric buses from FY 2024-25 to FY 2028-29.

Additionally, the PM E-Drive initiative aims to bolster the deployment of 2.479 million electric two-wheelers, 316,000 electric three-wheelers, and 14,028 e-buses. In March 2024, Convergence Energy Services Limited initiated bids to select an operator for the procurement, supply, operation, and maintenance of 3,132 electric buses under the Pradhan Mantri (PM)-eBus Sewa initiative.

Haryana-based JBM Ecolife Mobility has successfully secured $100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). This capital will facilitate the supply and operation of electric buses under the Gross Cost Contract (GCC) model across various states in India, with plans to deploy 650 e-buses, initially focusing on Haryana and Odisha. The funding was granted following comprehensive Environmental, Social, and Governance (ESG) audits conducted by accredited consultants. Currently, JBM has deployed over 1,500 electric buses across ten states, serving more than 15 major airports in India. The company boasts an extensive order book of over 6,500 electric buses in various stages of execution. JBM has established an integrated electric bus manufacturing facility in the Delhi-NCR region, with an impressive annual production capacity of 20,000 units. In August 2024, JBM signed an agreement with LeafyBus to supply 200 ultra-modern electric luxury buses for inter-city transportation. From 2021 to 2024, JBM has developed a lithium-ion battery plant in Bawal, Haryana, alongside an electric bus manufacturing facility in Banchari, Haryana. Recently, the Union Cabinet approved the PM-eBus Sewa-Payment Security Mechanism Program, allocating ?34.35 billion ($409 million) to support the procurement and operation of over 38,000 electric buses from FY 2024-25 to FY 2028-29. Additionally, the PM E-Drive initiative aims to bolster the deployment of 2.479 million electric two-wheelers, 316,000 electric three-wheelers, and 14,028 e-buses. In March 2024, Convergence Energy Services Limited initiated bids to select an operator for the procurement, supply, operation, and maintenance of 3,132 electric buses under the Pradhan Mantri (PM)-eBus Sewa initiative.

Next Story
Infrastructure Urban

EHRDC, Keolis MHI Enhance National Workforce Training in Transport

The Emirates Human Resources Development Council (EHRDC) has extended its partnership with Keolis MHI, the operator and maintainer of Dubai Metro and Dubai Tram, to provide high-quality training sessions for university students and Higher Colleges of Technology (HCT) students in Dubai. This initiative seeks to equip students with practical skills and empower them to enter the job market with confidence and competence. The collaboration aligns with EHRDC’s unwavering commitment to empowering and qualifying Emirati talent while boosting their role in driving the country’s digital economy. I..

Next Story
Technology

Lubrizol Amplifies India Commitment with Local Technology

To accelerate India-based innovation, Lubrizol announced it will open a state-of-the-art Technology and Innovation Center in Maharashtra. The first of its kind for the company globally, the facility is designed to progress breakthrough innovations, expand collaboration, and enhance speed to market for Lubrizol and the many customers and industries it serves both in the region and globally. The center will empower collaboration across Lubrizol, co-locating lab capabilities and expanding on the success of existing in-region technology Centers of Excellence (COE). The site will also include a Cu..

Next Story
Infrastructure Urban

Parliament Raises Concerns Over Mangrove Restoration Efforts

Mangrove forests in India are found along the coastline of 9 States and 4 Union Territories. Forest Survey of India (FSI), an organization mandated with forest survey under Ministry of Environment Forest and Climate Change (MoEFCC) publishes “India State of Forest Report” (ISFR) biennially. As per recent ISFR 2023, India has a total Mangrove cover of 4,991.68 sq km; which is 0.15 per cent of the country’s total geographical areas. There has been net increase of 363.68 Sq km (7.86 per cent) in Mangrove cover area of the country in 2023 as compared to 2013 and net increase of 509.68 Sq.km..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?