NEW DELHI, INDIA (September 16, 2024): The Asian Development Bank (ADB) and the JBM Group have signed an 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 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 organization and all its stakeholders. We have been pioneers in bringing electric mobility solutions to India and have consciously developed a complete EV ecosystem that accelerates the deployment of EVs across multiple geographies.”
Established in 1983, 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.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.
CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.
