Bain is trying to make investments as much as ₹2,850 crore ($300 million) within the JBM unit, although negotiations are underway to finalise the scale of the stake and deal construction, the folks mentioned. Additionally it is mentioned to be open to a joint management of the enterprise.
A possible deal will see the US PE agency be part of a rising cohort of monetary traders backing power transition alternatives on the planet’s third largest auto market.
ET BureauJBM is the market chief within the nation with a 79% share of the electrical tarmac bus market and greater than 50% within the intercity electrical luxurious coach section.
It additionally operates one of many world’s largest built-in electrical bus factories exterior of China, within the Nationwide Capital Area. As a gaggle, JBM recorded 804 electrical bus registrations in H1 2026, as per official information. Throughout segments, Swap Mobility of Ashok Leyland is the dominant e-bus maker, however JBM has progressively been inching nearer.
The Gurugram-based group is focusing on ₹7,000-7,500 crore in income this fiscal, with the EV enterprise anticipated to contribute almost 45%, highlighting rising demand for electrical buses and auto elements.
JBM is the one Indian firm providing a vertically built-in EV platform encompassing car manufacturing, battery techniques (ECOBOLT), electronics, digital fleet options, in addition to high-voltage EV charging infrastructure (ECOFUEL), although possession is held through a number of group entities.
Talks on holding firm
The electrical bus manufacturing unit, having an annual capability for 20,000 buses, is housed below JBM Electric Vehicles (JBM EV), 85% owned by listed guardian JBM Auto. The rest is held by the promoter group led by the Arya household and different entities. The battery manufacturing and elements enterprise, JBM Green Energy, is a 51% subsidiary of JBM EV.
The listed entity additionally has one other subsidiary referred to as JBM EcoLife Mobility for EV leasing and operations, the place it owns 83%. Motilal Oswal Alternate options is an investor on this entity, having deployed ₹900 crore earlier this 12 months via a mixture of debt and equity-linked devices. This arm enters into long-term contracts of 10-12 years with fleet operators for metropolis and intercity buses.
The folks cited above mentioned the talks are additionally centered on whether or not an omnibus holding firm shall be fashioned housing the EV companies of JBM Group the place Bain can make investments and take joint management or a minimum of a big minority.
A spokesperson for the JBM Group did not reply to e-mail queries. Bain Capital was not reachable for remark.
The administration is assured of executing an order ebook for greater than 9,000 electrical buses over the following two and a half years because the EV enterprise has emerged as the corporate’s fundamental development engine. Income from the section rose 16% to ₹2,307 crore in FY26, accounting for almost 38% of the group’s complete gross sales. Within the March quarter, the EV enterprise income grew 11.4% to ₹831 crore year-on-year, whereas section revenue climbed 44.5% to ₹106 crore.
JBM’s operations are anchored by policy-backed contracts, making it a most well-liked associate for presidency and personal offers, together with large-scale deployments below schemes like PM e-Bus Sewa. In accordance with its newest accessible annual report for FY25, the corporate clocked over 200 million electrical kilometres, enabling over 1 billion passenger journeys, contributing considerably to India’s net-zero ambitions. Its battery manufacturing capability has expanded to six GWh every year, supporting future development throughout e-buses, e-2W, e-3W, LCVs, and power storage techniques.
Internationally too, JBM Auto is increasing aggressively, notably in Europe, Gulf, Africa, Singapore, and the Asia Pacific. In Europe, the corporate has arrange its headquarters in Frankfurt and has developed left hand drive EV buses tailor-made for native rules. The corporate claims there’s a sturdy buyer curiosity in high-tech, luxurious buses, and is leveraging partnerships for fleet leasing, native meeting, and distribution to quick observe market entry. It has additionally partnered with Hitachi ZeroCarbon, integrating superior battery analytics for predictive upkeep and optimised fleet efficiency throughout numerous climates. This helps rising enterprise fashions like Battery-as-a-Service and second-life battery use, enhancing JBM’s international competitiveness.
Bain has been a giant backer of fresh mobility options. Final month, its portfolio firm Dhoot Transmission went public in India, leveraging the nation’s speedy shift to EVs to drive development. In 2021, Bain led a $200 million funding spherical in Chinese language power IoT and SaaS platform Newlink, aiming to transform typical gasoline stations into built-in “Vitality Service Hubs” supporting EV charging piles. The next 12 months, it teamed up with ADIA to amass the biggest fleet administration firm and assist it pivot in direction of inexperienced autos.
