JBM Auto, Olectra Greentech Shares Rally as Centre Plans Tender for 10,000 Electric Buses
Shares of JBM Auto and Olectra Greentech witnessed a sharp rally of up to 10% following a report by CNBC-TV18 stating that the Government of India will soon float a tender for the procurement of 10,000 electric buses under the PM E-DRIVE Scheme.
Shares of JBM Auto and Olectra Greentech witnessed a sharp rally of up to 10% following a report by CNBC-TV18 stating that the Government of India will soon float a tender for the procurement of 10,000 electric buses under the PM E-DRIVE Scheme.
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At 10 AM, JBM Auto’s stock traded 10% higher at ₹689, while Olectra Greentech saw a 7% jump to ₹1,264 per share on the Bombay Stock Exchange (BSE).
Tender to Be Floated in May 2025
According to sources cited by CNBC-TV18, the Ministry of Heavy Industries is set to issue the tender in May 2025 for the electric bus procurement initiative. The process will be executed through Convergence Energy Services Limited (CESL), a subsidiary of Energy Efficiency Services Limited (EESL).
CESL will issue the tender for intra-city e-bus operators across nine key urban centers.
Nine Cities Identified for E-Bus Deployment
The electric buses will be deployed in the following cities:
- Bengaluru
- Chennai
- Hyderabad
- Pune
- Mumbai
- Surat
- Ahmedabad
- New Delhi
- Kolkata
This strategic move is expected to significantly enhance the public transport ecosystem in India’s major metros.
Government to Extend ₹3,000 Crore in Subsidies
The Centre is expected to offer a subsidy of approximately ₹3,000 crore, with the maximum subsidy capped at ₹35 lakh per electric bus, as per CNBC-TV18’s report.
What is the PM E-DRIVE Scheme?
Launched in September 2024, the PM E-DRIVE Scheme aims to accelerate the adoption of electric mobility in India. With an outlay of ₹10,900 crore, the scheme covers:
- Procurement of electric vehicles
- Charging infrastructure development
- Strengthening of EV manufacturing ecosystem
The implementation timeline for the scheme is from October 1, 2024, to March 31, 2026. The government plans to support 14,028 electric buses under this initiative with a subsidy allocation of ₹4,391 crore.
Boost for Indian EV Market
This announcement has sparked renewed investor interest in electric vehicle stocks and signals a major step forward in India’s clean mobility transition. The upcoming tender is expected to provide a significant boost to the EV ecosystem, benefiting not just automakers but also associated industries like battery tech and charging infrastructure.
