JBM Auto Arm Signs Landmark MoU with Macquarie Group’s MUON India, Shares Surge

JBM Auto

JBM Auto Share Price Surge After Major MoU Announcement

In a significant development, JBM Auto’s net profit surged 98.6% to Rs. 55.75 crore in the quarter ending June 2024, up from Rs. 28.07 crore the previous year. This impressive financial performance contributed to the rise in JBM Auto’s share price, which saw an uptick in the opening trade on June 11 following an important agreement.

Strategic Partnership with MUON India Private Limited

JBM Auto’s subsidiary, JBM Electric Vehicles, has entered into a strategic Memorandum of Understanding (MoU) with MUON India Private Limited, a Macquarie Group company. This partnership is set to bolster JBM’s position in the electric vehicle (EV) sector.

At 09:27 AM, JBM Auto shares were trading at Rs 2,067.65, marking a rise of Rs 21.00 or 1.03% on the Bombay Stock Exchange (BSE). This positive market reaction underscores investor confidence in the new partnership’s potential.

Macquarie Group’s EV Financing Platform

Macquarie Group has introduced ‘Vertelo,’ an EV financing platform for India, which offers comprehensive solutions including financing, fleet management, and charging infrastructure. This platform is expected to play a pivotal role in accelerating the adoption of electric vehicles across the country.

Deployment of Electric Buses Under the New Agreement

Under the terms of the MoU, JBM Electric Vehicles plans to deploy over 2,000 electric buses, including 9-meter and 12-meter variants, through MUON India over the next few years. This large-scale deployment is aimed at enhancing sustainable public transportation in India.

Initial Orders and Rapid Delivery

JBM Auto’s commitment to quick and efficient execution is evident from their recent activities. In April 2024, JBM received an initial order for 43 buses, which were successfully delivered by June 10, 2024, just one month after the order was placed.

JBM Ecolife Mobility’s Major Order from CESL

On March 19, JBM Ecolife Mobility, another subsidiary of JBM Auto, secured a substantial order worth Rs 7,500 crore for 1,390 electric buses. This order, awarded by Convergence Energy Services Limited (CESL), is part of the PM-eBus Sewa Scheme aimed at promoting electric buses in urban areas.

Responsibilities Under the PM-eBus Sewa Scheme

Under this scheme, JBM Ecolife Mobility is tasked not only with the procurement and supply of the buses but also with their operation and maintenance. Additionally, the firm will develop the necessary electric and civil infrastructure under a gross cost contracting (GCC) model. This comprehensive responsibility ensures a seamless integration of electric buses into urban transit systems.

Execution Timeline and Market Outlook

The execution of this extensive order is scheduled to be completed within the next 12 to 18 months, showcasing JBM Auto’s capacity to handle large-scale projects efficiently. With these strategic moves, JBM Auto is poised to significantly impact the electric vehicle market in India, driving both financial growth and sustainable urban mobility solutions.


JBM Auto’s recent agreements and orders highlight its growing influence in the electric vehicle sector. The partnership with MUON India and the substantial order from CESL not only boost the company’s market position but also align with India’s push towards sustainable transportation. As JBM Auto continues to execute these projects efficiently, its share price and market confidence are expected to remain strong.


The information provided in this article is for informational purposes only and should not be construed as financial, investment, or professional advice. The content reflects the author’s opinion at the time of writing and may be subject to change. Readers are encouraged to do their own research and consult with a qualified financial advisor before making any investment decisions. The author and publisher are not liable for any losses or damages resulting from the use of this information.

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