Bain Capital in talks to invest up to Rs 2,850 crore in JBM Auto’s EV business

Mumbai: Bain Capital is in talks with JBM Auto for a significant minority stake in its electric vehicle manufacturing unit, providing growth capital support to the company and accelerating its efforts to transform from a traditional auto parts maker to a fully fledged clean energy mobility platform, said people in the know.

Bain is looking to invest up to ₹2,850 crore ($300 million) in the JBM unit, though negotiations are underway to finalise the size of the stake and deal structure, the people said. It is also said to be open to a joint control of the business.

A potential deal 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 also operates one of the world's largest integrated electric bus factories outside of China, in the National Capital Region. As a group, JBM recorded 804 electric bus registrations in H1 2026, as per official data. Across segments, Switch Mobility of Ashok Leyland is the dominant e-bus maker, but JBM has progressively been inching closer.

The Gurugram-based group is targeting ₹7,000-7,500 crore in revenue this fiscal, with the EV business expected to contribute nearly 45%, highlighting rising demand for electric buses and auto parts.

JBM is the only Indian company offering a vertically integrated EV platform encompassing vehicle manufacturing, battery systems (ECOBOLT), electronics, digital fleet solutions, as well as high-voltage EV charging infrastructure (ECOFUEL), though ownership is held via multiple group entities.

Talks on holding company

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 also 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 people cited above said the talks are also focused on whether an omnibus holding company 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 growth engine. Revenue from the segment rose 16% to ₹2,307 crore in FY26, accounting for nearly 38% of the group's total sales. In the March quarter, the EV business revenue grew 11.4% to ₹831 crore year-on-year, while segment profit climbed 44.5% to ₹106 crore.

JBM's operations are anchored by policy-backed contracts, making it a preferred partner for government and private deals, including large-scale deployments under schemes like PM e-Bus Sewa. According to its latest available annual report for FY25, the company 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 growth across 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 company has set up its headquarters in Frankfurt and has developed left hand drive EV buses tailored for local regulations. The company claims there is a strong 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 also partnered with Hitachi ZeroCarbon, integrating advanced battery analytics for predictive maintenance and optimised fleet performance across diverse climates. This supports emerging business models like Battery-as-a-Service and second-life battery use, enhancing JBM's global competitiveness.