ADB, JBM Group Sign INR 3.6 Billion Deal to Expand Sustainable Transport in India through E-Buses

NEW DELHI, INDIA (16 September 2024) — The Asian Development Bank (ADB) and the JBM Group have signed a INR 3.6 billion (about $43.2 million) non-convertible debenture loan to expand access to electric buses in the Indian states of Haryana and Odisha. The loan will support the procurement of up to 650 e-buses, as well as fund the cost of operations, maintenance, and deployment of depots and charging infrastructure.

ADB was the mandated lead arranger for the the entire debt, amounting to INR 7.2 billion, which included INR 3.6 billion from the Asian Infrastructure and Investment Bank.

“Supporting electric buses is an investment not only in sustainable transport, but also in public health through cleaner air and in climate action through lower emissions. By promoting e-mobility, ADB is helping communities reduce their carbon footprint, improve public transport, and build eco-friendly urban infrastructure,” said ADB Director General for Private Sector Operations Department Suzanne Gaboury. “ADB’s partnership with the JBM Group will help build clean, safe, and inclusive public transport in India.”

The project aims to benefit women by addressing gender gaps in auto transport. ADB, collaborating with JBM Group, has developed a gender action plan to create a safer workplace for women. This includes a centralized closed-circuit television monitoring system, strong safety protocols, and a dedicated driving license program to increase women's participation in nontraditional roles such as bus driving.

“We are grateful to ADB and AIIB for their continued support in advancing sustainable public transportation across India,” said JBM Group Vice Chairman Nishant Arya. “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 organisation and all its stakeholders. We have been pioneers in bringing electric mobility solutions in India and have consciously developed a complete EV ecosystem that accelerates the deployment of EVs across multiple geographies.”

Established in 1983, the JBM Group is diversified into automotive components, e-buses, e-vehicle charging infrastructure, e-vehicle components, and renewable energy. It operates over 60 manufacturing plants, five engineering and design centers, and employs 25,000 people across 35 countries.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.