JBM Auto Limited's subsidiary JBM Ecolife Mobility Private Limited has secured a Rs 750 crore long-term strategic investment from Motilal Oswal Alternates, the alternative investment arm of the Motilal Oswal Group, to scale electric bus deployment across India. This is the largest ever investment by an Indian investor in electric mobility.
The growth capital will enable deployment of approximately 2,000 energy-efficient e-buses operating under long-term agreements with state transport authorities. The deployment is expected to reduce CO2 emissions by approximately 2.5 billion kgs over the lifetime of these buses, save approximately 1 billion litres of diesel, and generate employment for over 7,000 people.
From the current 3,400 JBM e-buses deployed across India, JBM Auto plans to have approximately 5,000 e-buses on roads in the next 12 months. The consolidated orderbook of JBM Auto and JBM Ecolife Mobility stands at 10,000 electric buses deployed and under execution.
JBM Auto Vice Chairman and Managing Director Nishant Arya said the partnership will act as a catalyst towards further scaling e-bus deployment to various states. India is currently the third largest electric bus market in the world, he added.
EY acted as the exclusive financial advisor to JBM Ecolife for this transaction. JBM has set up one of the world's largest dedicated integrated electric bus manufacturing facilities outside China in the Delhi-NCR region with an annual production capacity of 20,000 electric buses.
JBM electric buses have clocked 400 million e-kms under a 3 billion e-kms commitment, serving over 1.5 billion bus commuters. Rakshat Kapoor, Head of Private Credit at MO Alternates, said the investment represents the convergence of India's green energy mandate and urban mobility imperative.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.