JBM Ecolife secures $86 million ADB loan to roll out e-buses

JBM Ecolife Mobility, a subsidiary of JBM Auto Ltd, has secured close to $86 million loan facility from Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB).

The electric-bus maker said it would use the funds to expand operations and roll out 650 e-buses in Haryana and Odisha.

The loan will be offered as non-convertible debentures and used to fund the cost of operations, maintenance, and deployment of depots and charging infrastructure, ADB said in a statement.

ADB will act as the mandated lead arranger (MLA) to JBM for arranging the entire capital of ₹7.2 billion (about $85.87 million), including ₹3.6 billion ($43.2 million) from AIIB.

“By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure,” ADB director general for private sector operations department Suzanne Gaboury said. “ADB’s partnership with the JBM Group will help build clean, safe, and inclusive public transport in India.”

JBM Group vice-chairman Nishant Arya said, “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 organization and all its stakeholders.”

To ensure safe workplaces for women, ADB also said that it is collaborating with JBM Group and has designed a plan to install a centralized closed-circuit television monitoring system, robust safety protocols, and a dedicated driving license program for women bus drivers.