JBM Auto responds to Bain EV investment report, says no material disclosure required

JBM Auto on Friday clarified that a news report on private equity major Bain Capital being in talks to invest in its electric vehicle business relates to its subsidiary, JBM Electric Vehicles, and said there was no material information requiring disclosure under securities market regulations as of now.

The clarification came after the National Stock Exchange of India and BSE sought a response from the company on a report published by ET earlier on Friday.

JBM Auto said the management of JBM Electric Vehicles, in the ordinary course of business, “continuously evaluates various strategic initiatives, including potential fund-raising opportunities, to support its growth and expansion.”


Also read: Bain Capital looks to drive into JBM Auto’s EV business with $300 mn bet

“As on date, there is no material information requiring disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015. Appropriate disclosures will be made, if required,” the company said in its clarification to the exchanges.

The company also said it had complied with and would continue to comply with all applicable disclosure requirements under the listing regulations.

Bain eyes up to Rs 2,850 crore investment in JBM EV unit

ET reported on Friday that Bain Capital is in talks with JBM Auto for a significant minority stake in its electric vehicle manufacturing business, with the US private equity firm looking to invest up to Rs 2,850 crore ($300 million), according to people familiar with the discussions.

The talks are at an early stage, with the size of the proposed stake and deal structure yet to be finalised, the people said. Bain is also understood to be open to taking joint control of the business.

The discussions are focused on JBM Electric Vehicles, which is 85% owned by listed JBM Auto, with the remaining stake held by the promoter group led by the Arya family and other entities.

The people said the talks could also involve creating an omnibus holding company for JBM Group's EV businesses, allowing Bain to invest and potentially take joint control or a significant minority stake.

JBM's electric vehicle business has emerged as a key growth driver for the group. The company has an annual capacity to manufacture 20,000 electric buses and is targeting revenue of Rs 7,000-7,500 crore this fiscal, with the EV business expected to contribute nearly 45%.

The EV segment's revenue rose 16% to Rs 2,307 crore in FY26, accounting for nearly 38% of the group's total sales. In the March quarter, revenue from the segment grew 11.4% year-on-year to Rs 831 crore, while segment profit rose 44.5% to Rs 106 crore.