In a landmark development for India’s green mobility transition, JBM ECOLIFE Mobility Pvt. Ltd., a JBM Auto Ltd. company, has secured a $100 million (INR equivalent) long-term capital investment from the International Finance Corporation (IFC), a member of the World Bank Group. The funding will support the deployment of state-of-the-art, air-conditioned electric buses across Maharashtra, Assam, and Gujarat, strengthening India’s public transport backbone.
“This is IFC’s largest-ever e-bus deployment project, and we are proud to be at the forefront,” said Nishant Arya, Vice Chairman & Managing Director, JBM Auto Ltd. “Over the last decade, JBM has deployed more than 11,000 buses across 20+ Indian cities and in international markets spanning Europe, the Middle East, and APAC. Together, we’ve clocked 200 million e-kilometres, served over 1 billion passengers, and this partnership marks the beginning of many more collaborations towards scaling e-bus deployment with speed and agility.”
Arya highlighted the project’s long-term sustainability impact, estimating that it will cut carbon emissions by 1.6 billion kilograms, save 600 million litres of diesel, generate 5,500 jobs, and benefit over 1 billion passengers during its tenure.
Makhtar Diop, Managing Director, IFC, underscored the significance of the partnership: “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. India’s leadership in this space is not only accelerating its own transition but also shaping how cities worldwide finance the next generation of mobility.”
The Maharashtra and Assam projects, tendered under the Pradhan Mantri e-Bus Sewa Scheme, are the first to incorporate a formal Payment Security Mechanism (PSM)—a safeguard designed to mitigate risks tied to municipal and state transport undertakings. This mechanism is expected to enhance the bankability and replicability of future e-bus projects across India.
With buses accounting for 70–75% of public transport trips and over 2 million buses in operation nationwide, India offers immense potential for electrification. The Government of India aims for 40% e-bus penetration by FY2030, and projects like JBM’s are seen as crucial stepping stones.
JBM already operates 2,500+ e-buses across 10 states and 15 airports and has an order book of 11,000 buses under execution. Its Delhi-NCR plant—one of the world’s largest dedicated e-bus facilities—boasts an annual production capacity of 20,000 units. Since 2018, JBM’s e-buses have delivered on its “3 billion e-km promise,” setting new benchmarks for safety, comfort, and sustainability in public transport.
