JBM Auto's Ecolife gets $100 mn IFC funding to expand e-bus operations

JBM Ecolife Mobility secured $100 million from IFC to deploy 1,455 electric buses in Maharashtra, Assam, and Gujarat, marking IFC's first capital investment in Asia's e-bus sector

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JBM Ecolife Mobility, a subsidiary of JBM Auto, has secured $100 million in long-term capital investment from the International Finance Corporation (IFC) to expand its electric bus operations in India.

 

The funding will be used to purchase and operate 1,455 modern, air-conditioned electric buses across Maharashtra, Assam, and Gujarat. This marks IFC’s first capital investment in the e-bus sector in Asia and its largest globally.

 

“This initiative serves as a strategic beginning to many more upcoming associations towards augmenting e-bus deployment with enhanced agility and scale,” said Nishant Arya, Vice-Chairman and Managing Director of JBM Auto. The project aims to cut CO2 emissions by 1.6 billion kg, save over 600 million litres of diesel, generate 5,500 jobs, and serve more than one billion passengers during its tenure.

 

Makhtar Diop, Managing Director of IFC, said: “E-mobility is the future and we are making it real through investments in leaders like JBM. Together, we’re setting benchmarks for sustainable, resilient, and globally replicable urban transport.”

 

The Maharashtra and Assam projects, tendered under the Pradhan Mantri e-Bus Sewa Scheme, will also pioneer the use of a Payment Security Mechanism (PSM) to mitigate payment risks associated with state transport undertakings. This mechanism is seen as crucial to improving the bankability of future e-bus projects.

 

Buses account for nearly three-quarters of public transport trips in India, with two million buses currently on the roads. The government has set a target of achieving 40 per cent e-bus penetration by FY30.

 

JBM has already deployed more than 2,500 e-buses across 10 states and 15 airports, clocking over 200 million electric kilometres and serving one billion passengers. Its Delhi-NCR facility, among the world’s largest dedicated e-bus plants outside China, has an annual capacity of 20,000 units.