IFC commits USD 137 mn to JBM Group to promote e-mobility in India

New Delhi, Sep 11 (PTI) International Finance Corporation (IFC), a World Bank Group arm, on Thursday committed to provide USD 137 million to JBM Group to promote e-mobility in the country.

IFC is providing USD 100 million to JBM ECOLIFE (JBM), part of JBM Auto Ltd, manufacturer and operator of e-buses in India, and USD 37 million in mezzanine capital to GreenCell Mobility (GreenCell), a original equipment manufacturer (OEM)-agnostic e-bus operator, sponsored by Eversource Capital.

These investments will help to electrify public transport and enhance access to innovative urban mobility solutions, IFC said in a statement.

It will help create 12,000 jobs, including opportunities for women, and deploy 4,000 e-buses and charging stations across 39 municipalities in Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi, IFC said in a statement.

IFC Managing Director Makhtar Diop said, "E-mobility is the future and we are making it possible through investments in leaders like JBM and GreenCell. Together, we're setting benchmarks for sustainable, resilient, and globally replicable urban transport - a foundational pillar of India's urban transformation agenda.

"By leveraging innovative financing and a pioneering payment security mechanism, we're mobilising private capital at scale to support national priorities. India's leadership is accelerating its own transition while shaping how cities worldwide finance the next generation of mobility solutions," Diop said.

With 8 lakh public buses and 1.2 million private buses in operation, India represents a substantial market for electrification, it said.

These investments are part of the World Bank Group's effort to further accelerate e-mobility, reduce transport emissions, and position India as a global EV manufacturing hub, while aligning with key government initiatives and the Production-Linked Incentive (PLI) programmes, it said.

Nishant Arya, vice chairman and MD of JBM Auto Ltd, said, "Over the last three years, we have successfully deployed our zero-emission public mobility solutions across various cities pan-India.

"With trusted partners like IFC supporting this initiative, we are all set to augment the electric bus deployment with enhanced agility and scale," Arya added. PTI DP SHW