Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) have subscribed to secured, unlisted non-convertible debentures issued by JBM Ecolife Mobility Private Limited, aggregating to ₹223.93 crore.
TT&A advised ADB and AIIB on this transaction.
The transaction team consisted of Ambarish Mohanty (Partner), Pragya Sood (Partner), Siddharth Tandon (Managing Associate) and Shubham Gupta, Sajjan Singh & Maansi Mehta – Associates.
Paine Stevens acted as the English law counsel to ADB and AIIB.
The investment will be used to roll out around 650 electric buses across states such as Haryana and Odisha under the Gross Cost Contract (GCC) model. This initiative is part of India’s broader push towards achieving its Net Zero 2070 goals. JBM Ecolife already operates over 1,500 electric buses across 10 states and more than 15 major airports, with an existing order book of over 6,500 buses.
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