JBM Auto subsidiary bags ₹7,500 crore order for 1,390 electric buses; shares rally

JBM Ecolife Mobility Private Limited, a subsidiary of JBM Auto Limited, has been awarded the tender as a bus operator for procurement, supply, operation and maintenance of 1,390 electric buses and development of allied electric and civil Infrastructure under the PM-eBus Sewa Scheme. 

Also read: Budget 2024: Tata Motors, JBM Auto, Olectra could gain from payment security for e-buses

JBM Auto stock rallied 6.49 per cent to trade at ₹1,997.40 on the NSE as of 11.23 am.

The contract from Convergence Energy Services Limited (CESL) under PM E-bus Sewa Scheme is valued at ₹7,500 crore. The gross cost contract (GCC) is to be executed in 12-18 months, according to the company’s stock exchange filing.