JBM Ecolife Mobility Ltd has recently informed exchanges that the company has received $100 million in strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). The funds will be utilized to supply and operate electric buses using the Gross Cost Contract (GCC) model in many states throughout India in a phased way.
In the exchange filing, the company shared, “The strategic funding has been secured following comprehensive Environmental, Social and Governance (ESG) audits conducted by approved consultants, truly reflecting JBM’s commitment towards augmenting sustainable mobility across the globe and its focus towards a circular economy. This momentous development marks a pivotal step in transforming public transportation within multiple cities providing them with clean mobility solutions that are technologically superior, safe and convenient.”
At present, JBM has deployed over 1,500 electric buses across 10 states and 15+ major airports in India. The firm has about 6500 electric buses on order and in operation.
