JBM Auto Bags Order Worth ₹7,500 Cr For 1,390 Electric Buses Under PM-eBus Sewa Scheme; Shares Jump 1.50%

JBM Auto on Tuesday said it has bagged an order for 1,390 electric buses along with the development of allied electric and civil infrastructure worth Rs 7,500 crore under the PM-eBus Sewa Scheme.

The order will be completed within 12-18 months, JBM Auto Ltd said in a regulatory filing JBM Ecolife Mobility Pvt Ltd, a subsidiary of the company, has been declared as 'L1' and 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 on gross cost contracting under the PM-eBus Sewa Scheme, the company said.

The approximate order value is Rs 7,500 crore, it added.

In August last year, the government announced the 'PM-eBus Sewa' Scheme, under which 10,000 electric buses would be provided to 169 cities under a public-private partnership (PPP) model with priority given to those cities which do not have an organised bus service.

As a result of this development, the Gurugram-based company saw its shares jump 1.50 per cent. The share prices of the company stand at Rs 1,903.90 ( 3:30 pm IST).

Published on: Tuesday, March 19, 2024, 04:21 PM IST