Bain looks to drive into JBM Auto’s EV biz

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Key points

• The electric bus manufacturing unit, having an annual capacity for 20, 000 buses, is housed under JBM Electric Vehicles (JBM EV), 85% owned by listed parent JBM Auto.
• (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.).
• Bain Capital in discussions to invest up to Rs 2, 850 crore in JBM Auto's EV business.
• JBM is the market leader in the country with a 79% share of the electric tarmac bus market and more than 50% in the intercity electric luxury coach segment.
• While discussions additionally include a potential joint-control structure, the investment could backing JBM's expansion in electric buses, batteries and charging infrastructure.

Bain Capital in discussions to invest up to Rs 2, 850 crore in JBM Auto's EV business. ET BureauLast Updated: Aug 21, 2026, 12: 42: 00 AM IST.

Bain Capital is in discussions with JBM Auto to invest up to ₹2, 850 crore for a significant minority stake in its electric vehicle business, individuals familiar with the matter stated. While discussions additionally include a potential joint-control structure, the investment could backing JBM's expansion in electric buses, batteries and charging infrastructure.

Mumbai: Bain Capital is in discussions with JBM Auto for a significant minority stake in its electric vehicle manufacturing unit, providing expansion capital backing to the business and accelerating its efforts to transform from a traditional auto parts maker to a fully fledged clean energy mobility platform, stated residents in the know. Though negotiations are underway to finalise the size of the stake and accord structure, the residents noted, bain is looking to invest up to ₹2, 850 crore ($300 million) in the JBM unit. It is additionally stated to be open to a joint control of the business. A potential accord will see the US PE firm join a growing cohort of financial investors backing energy transition opportunities in the world's third largest auto market.

JBM is the market leader in the country with a 79% share of the electric tarmac bus market and more than 50% in the intercity electric luxury coach segment. It additionally operates one of the world's largest integrated electric bus factories outside of China, in the National Capital Region. As per official data, as a group, JBM recorded 804 electric bus registrations in H1 2026. Throughout segments, Switch Mobility of Ashok Leyland is the dominant e-bus maker, but JBM has progressively been inching closer. Live Events.

In practice, the Gurugram-based group is targeting ₹7, 000-7, 500 crore in revenue this fiscal, with the EV business projected to contribute almost 45%, highlighting rising demand for electric buses and auto parts. As well as high-voltage EV charging infrastructure (ECOFUEL), though ownership is held via multiple group entities, JBM is the only Indian firm offering a vertically integrated EV platform encompassing vehicle manufacturing, battery systems (ECOBOLT), electronics, digital fleet solutions. Discussions on holding business.

For context, the electric bus manufacturing unit, having an annual capacity for 20, 000 buses, is housed under JBM Electric Vehicles (JBM EV), 85% owned by listed parent JBM Auto. The remainder is held by the promoter group led by the Arya family and other entities. The battery manufacturing and components business, JBM Green Energy, is a 51% subsidiary of JBM EV. The listed entity additionally has another subsidiary called JBM EcoLife Mobility for EV leasing and operations, where it owns 83%. Motilal Oswal Alternatives is an investor in this entity, having deployed ₹900 crore earlier this year through a mix of debt and equity-linked instruments. This arm enters into long-term contracts of 10-12 years with fleet operators for city and intercity buses. The individuals cited above stated the discussions are additionally focused on whether an omnibus holding firm will be formed housing the EV businesses of JBM Group where Bain can invest and take joint control or at least a significant minority. A spokesperson for the JBM Group didn't respond to email queries. Bain Capital was not reachable for comment. The management is confident of executing an order book for more than 9, 000 electric buses over the next two and a half years as the EV business has emerged as the company's main expansion engine. Revenue from the segment rose 16% to ₹2, 307 crore in FY26, accounting for almost 38% of the group's total sales. While segment profit climbed 44.5% to ₹106 crore, in the March quarter, the EV business revenue grew 11.4% to ₹831 crore year-on-year. JBM's operations are anchored by policy-backed contracts, making it a preferred partner for administration and private deals, including large-scale deployments under schemes like PM e-Bus Sewa. According to its latest available annual report for FY25, the firm clocked over 200 million electric kilometres, enabling over 1 billion passenger journeys, contributing significantly to India's net-zero ambitions. Its battery manufacturing capacity has expanded to 6 GWh per annum, supporting future expansion throughout e-buses, e-2W, e-3W, LCVs, and energy storage systems. Internationally too, JBM Auto is expanding aggressively, particularly in Europe, Gulf, Africa, Singapore, and the Asia Pacific. In Europe, the firm has set up its headquarters in Frankfurt and has developed left hand drive EV buses tailored for local regulations. The firm claims there is a robust customer interest in high-tech, luxury buses, and is leveraging partnerships for fleet leasing, local assembly, and distribution to fast track market entry. It has additionally partnered with Hitachi ZeroCarbon, integrating advanced battery analytics for predictive maintenance and optimised fleet performance throughout diverse climates. This supports emerging business models like Battery-as-a-Service and second-life battery employ, enhancing JBM's global competitiveness. Add Now!

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For now, bain looks to drive into JBM Auto's EV biz remains the part of the story worth watching, and further updates are likely as more details are confirmed.