International Finance Corporation (IFC) backs Jay Bharat Maruti (JBM), GreenCell with US$ 137 million for e-bus rollout

The International Finance Corporation (IFC) has committed Rs. 1,210 crore (US$ 137 million) to support India’s e-mobility sector, investing Rs. 883 crore (US$ 100 million) in Jay Bharat Maruti (JBM) ECOLIFE, part of JBM Auto Limited, and Rs. 327 crore (US$ 37 million) in mezzanine capital for GreenCell Mobility, an original equipment manufacturer-agnostic e-bus operator sponsored by Eversource Capital. The funding aims to deploy 4,000 electric buses and charging stations across 39 municipalities in Maharashtra, Assam, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Puducherry, and New Delhi, while creating 12,000 jobs, including opportunities for women. These projects will utilise a formal Payment Security Mechanism (PSM) to mitigate payment risks for municipal and state transport undertakings, enhancing the bankability and scalability of future e-bus initiatives.

Managing Director, IFC, Mr. Makhtar Diop, stated that these investments set benchmarks for sustainable and replicable urban transport, mobilising private capital at scale to support India’s urban transformation agenda. Vice Chairman and Managing Director, JBM Auto Limited, Mr. Nishant Arya, noted that IFC’s support will enhance the agility and scale of e-bus deployment. Vice Chairman and Chief Executive Officer, Eversource Capital, Mr. Dhanpal Jhaveri, highlighted the potential for GreenCell Mobility to advance India’s clean transport transition through commercially viable zero-emission platforms. With over 800,000 public buses and 1.2 million private buses in operation, India represents a significant market for electrification. The investments are aligned with the Production-Linked Incentive (PLI) programmes and broader government initiatives, positioning India as a global hub for electric vehicle manufacturing and contributing to the country’s sustainable urban mobility goals.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.