+
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
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?