New Delhi: Electric bus manufacturer JBM ECOLIFE Mobility Pvt. Ltd, a subsidiary of JBM Auto Ltd, has secured $100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) to boost the supply and operations of e-buses in the country, according to a release from the company.
JBM ECOLIFE Mobility plans to use the funds to bring in 650 more electric buses across multiple states in a phased manner, the company said.
This funding came only a week after the Union government announced a new electric vehicle (EV) subsidy scheme to promote green energy-powered public transport, PM E-drive scheme, indicating multilateral banks’ intent to finance green mobility in the world’s fastest growing economy.
Plans align with PM E-drive scheme
The e-bus maker’s plans align with the PM E-drive scheme, which will provide subsidies to over 14,000 electric buses, among other green energy-powered vehicles using its ₹10,900 crore outlay.
“Over the years, we have been relentlessly working towards introducing zero-emission technologies that underscore our vision of promoting sustainable development which contributes to the responsible growth of the organisation and all its stakeholders,” said Nishant Arya, vice chairman and managing director, JBM Group.
“Going ahead we continue to stand by our commitment towards playing a significant role in achieving India’s Net Zero 2070 target. Our electric buses will continue to lead India’s e-mobility momentum towards taking clean public mobility solutions to the grassroot level,” he added.
JBM ECOLIFE Mobility, which has deployed over 1,500 e-buses in the country and has an orderbook of over 6,500 e-buses, received the funds after multiple comprehensive Environmental, Social and Governance (ESG) audits, the company said.
ADB highlighted the impact of investments in green mobility on public health. “Supporting electric buses is an investment not only in sustainable transport, but also in public health through cleaner air and in climate action through lower emissions. By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure,” said ADB director general for Private Sector Operations Department Suzanne Gaboury.
At the same time, Najeeb Haider, director general, Global Project and Corporate Finance at AIIB, pointed at the benefits of green mobility on quality of life in urban spaces. “This association focuses at accelerating the adoption of clean energy public mobility solutions directed towards enhancing the quality of life in urban and semi urban cities,” he said.
