IFC Boosts India's E-Mobility with USD 137 Million Investment

The International Finance Corporation (IFC), a World Bank Group division, announced a significant USD 137 million investment in JBM Group to promote e-mobility in India. The investment aims to support the electrification of public transport, creating thousands of jobs and enhancing urban mobility solutions.

As part of this initiative, IFC will provide USD 100 million to JBM ECOLIFE, a unit of JBM Auto Ltd known for manufacturing and operating e-buses, and USD 37 million to GreenCell Mobility, an OEM-agnostic e-bus operator. This investment promises to result in the deployment of 4,000 e-buses and associated infrastructure across several Indian states, creating 12,000 jobs, including opportunities for women.

IFC's managing director, Makhtar Diop, emphasized the transformative power of e-mobility and the importance of innovative financing in driving sustainable urban transport solutions. This support reflects the World Bank Group's broader effort to reduce transport emissions and align with India's ambitious EV and manufacturing initiatives.