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JBM Auto surges to highest in nearly three months on IFC's $137-million funding
Of the $137 million committed by IFC to JBM Auto Group, $100 million will go to JBM Ecolife and the rest to GreenCell Mobility.
JBM Auto Ltd.'s share price surged to its highest in nearly three months after garnering investment from World Bank's investment arm.
On Friday, the stock of the electric bus maker rose as much as 11.38% to ₹696.70 apiece even as the benchmark BSE Sensex gained 400 nearly points.
On Thursday, International Finance Corp. announced that it has committed to invest $137 million to JBM Group to promote e-mobility in the country. Of this, $100 million will go to JBM Ecolife and the rest to GreenCell Mobility sponsored by Eversource Capital.
These investments, according to IFC, “will help to electrify public transport and enhance access to innovative urban mobility solutions”.
It will help create 12,000 jobs and deploy 4,000 electric buses and charging stations across 39 municipalities in Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi.
“e-mobility is the future and we are making it possible through investments in leaders like JBM and GreenCell,” IFC Managing Director Makhtar Diop said in the statement. “Together, we are setting the benchmarks for sustainable, resilient, and globally replicable urban transport—a foundational pillar of India's urban transformation agenda.”
With 8 lakh public buses and 1.2 million private buses in operation, India represents a substantial market for electrification.
“Over the last three years, we have successfully deployed our zero-emission public mobility solutions across various cities,” Nishant Arya, vice chairman and managing director at JBM Auto, said in the statement. “With trusted partners like IFC supporting this initiative, we are all set to augment our electric bus deployment…”
