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The IFC has committed USD 137 million to support India's electric bus expansion, allocating USD 100 million to JBM Ecolife and USD 37 million to GreenCell Mobility. The initiative plans to deploy 4,000 electric buses and build necessary charging infrastructure in 39 municipalities across Maharashtra, Assam, and Gujarat. JBM Ecolife will operate 1,455 buses, while GreenCell Mobility will enhance its fleet and charging systems. The project is expected to generate around 12,000 jobs and supports India's goal of 40% electric bus penetration by 2030.
The International Finance Corporation (IFC), a member of the World Bank Group, has announced a significant investment of USD 137 million to support the expansion of electric public transportation in India. This funding is allocated between two key players in the electric mobility sector: JBM Ecolife Mobility and GreenCell Mobility. JBM Ecolife will receive USD 100 million, while GreenCell Mobility is set to receive USD 37 million. The initiative aims to deploy 4,000 electric buses and establish charging infrastructure across 39 municipalities in various states, including Maharashtra, Assam, and Gujarat. The project is expected to create approximately 12,000 jobs, with a focus on providing employment opportunities for women. Advertisement
JBM Ecolife, a subsidiary of JBM Auto Ltd, plans to utilize the investment to purchase and operate 1,455 electric buses. These buses will be deployed in cities across Maharashtra, Assam, and Gujarat, contributing to the reduction of carbon emissions and the promotion of sustainable urban mobility. The company has already made significant strides in the electric bus sector, having deployed over 2,500 electric buses across 10 states and 15 airports. With an order book of 11,000 units under execution and a manufacturing facility in Delhi-NCR with an annual capacity of 20,000 units, JBM Ecolife is well-positioned to lead the transition to electric public transport in India.
GreenCell Mobility, an original equipment manufacturer-agnostic electric bus operator backed by Eversource Capital, will use its portion of the investment to expand its fleet and charging infrastructure. The company has been actively involved in the deployment of electric buses and is committed to enhancing the accessibility and efficiency of public transportation through sustainable solutions.
The Indian government has set an ambitious target of achieving 40% electric bus penetration by the fiscal year 2030. This investment by IFC aligns with the government's objectives and underscores the growing importance of sustainable transportation solutions in urban planning. The collaboration between IFC, JBM Ecolife, and GreenCell Mobility represents a significant step forward in transforming India's public transport landscape to be more environmentally friendly and energy-efficient.
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