JBM Ecolife Mobility Gets $100 Million Boost from ADB and AIIB for Electric Buses in India
New Delhi [India], September 17: JBM Ecolife Mobility, a part of JBM Auto, has received $100 million in funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). This money will help JBM supply and operate electric buses in various states across India.
The funding was secured after thorough Environmental, Social, and Governance (ESG) audits. JBM has already deployed over 1,500 electric buses in 10 states and 15 major airports in India. They have a strong order book of more than 6,500 electric buses.
JBM has also built the world’s largest electric bus manufacturing facility outside China, located in the Delhi-NCR region, with an annual production capacity of 20,000 buses.
Nishant Arya, Vice Chairman & Managing Director of JBM Group, expressed gratitude to ADB and AIIB for their support in promoting sustainable public transportation. He highlighted JBM’s commitment to zero-emission technologies and the development of a complete electric vehicle ecosystem.
JBM’s electric buses, introduced in 2018, have already covered 150 million electric kilometers and served 1 billion bus commuters worldwide. Suzanne Gaboury, ADB Director General for Private Sector Operations, emphasized that supporting electric buses is an investment in sustainable transport, public health, and climate action.
Currently, JBM operates around 1,200 buses in cities like Mumbai, Delhi, and Ahmedabad.
Doubts Revealed
JBM Ecolife Mobility -: JBM Ecolife Mobility is a company that makes electric buses. It is part of a bigger company called JBM Auto.
ADB -: ADB stands for Asian Development Bank. It is a bank that helps countries in Asia by giving them money for projects like building roads, schools, and in this case, electric buses.
AIIB -: AIIB stands for Asian Infrastructure Investment Bank. It is another bank that helps countries in Asia by giving them money to build things like bridges, roads, and electric buses.
Electric Buses -: Electric buses are buses that run on electricity instead of petrol or diesel. They are better for the environment because they do not produce pollution.
Delhi-NCR -: Delhi-NCR stands for Delhi National Capital Region. It includes Delhi and nearby areas like Gurgaon, Noida, and Faridabad.
