Bain Capital In Talks For $300 Mn Bet On JBM Auto's Electric Bus Business

American private equity firm Bain Capital is negotiating a deal to buy a substantial minority stake in JBM Auto's electric vehicle manufacturing business, the Economic Times has reported.

The funding would help JBM move further away from its roots as a traditional auto components maker and establish itself as a full-scale clean mobility company.

According to the report, Bain could commit close to ₹2,850 crore, or about $300 million, though the final stake size and the structure of the deal are yet to be worked out. The private equity firm has reportedly not ruled out taking joint control of the business either. Part of the ongoing discussion also involves whether JBM Group will create a new holding entity to bring its various EV businesses under one roof, which would then become the vehicle for Bain's investment and potential joint control.

Should the deal go through, Bain would become the latest in a line of financial investors betting on India's clean energy shift, in a market that ranks third globally in automobile sales.

Where JBM Stands In The EV Bus Space

JBM currently dominates the electric tarmac bus category with a 79% market share and controls over half of the intercity electric luxury coach segment as well. Outside China, the company runs one of the world's biggest integrated electric bus manufacturing plants, based in the National Capital Region. Official figures show the group registered 804 electric buses in the January to June period of 2026. While Ashok Leyland's Switch Mobility still leads the overall e-bus market in India, JBM has been narrowing that lead over time.

Based out of Gurugram, the group has set a revenue target of ₹7,000 to 7,500 crore for the current financial year, with its electric vehicle business expected to bring in close to 45% of that amount.

Among Indian companies, JBM stands out as the only one running a fully integrated EV operation, one that covers everything from manufacturing vehicles to producing battery systems under its ECOBOLT brand, building electronics and digital fleet management tools, and setting up EV charging infrastructure branded ECOFUEL. These operations, however, sit across different entities within the group rather than a single unit.

The bus manufacturing arm, capable of producing 20,000 vehicles annually, functions as JBM Electric Vehicles, where listed parent JBM Auto holds an 85% stake. The rest belongs to the Arya family-led promoter group along with a few other stakeholders. A separate unit, JBM Green Energy, handles batteries and components, and is 51% owned by JBM Electric Vehicles.

JBM Auto additionally holds an 83% stake in JBM EcoLife Mobility, which manages leasing and day-to-day operations of EV fleets. Investment firm Motilal Oswal Alternatives had put in ₹900 crore into this unit earlier in the year, split between debt and equity-linked instruments. This business typically signs 10 to 12 year contracts with operators running city and intercity bus fleets.

Company management has reportedly said it expects to fulfil orders for more than 9,000 electric buses over the coming two and a half years. The EV division's revenue climbed 16% to ₹2,307 crore in FY26, contributing close to 38% of the group's overall sales. During the March quarter alone, this business grew 11.4% year-on-year to ₹831 crore in revenue, while profit jumped 44.5% to ₹106 crore.

JBM has also been building a footprint outside India, expanding into Europe, the Gulf region, Africa, Singapore and other Asia Pacific markets. The company has established a base in Frankfurt and built left hand drive electric buses designed to meet European regulatory standards.