Mumbai: Shares of components maker JBM Auto today surged over 17 per cent after the company said it will invest Rs 300 crore for developing and manufacturing electric as well as hybrid buses in India through its joint venture with Poland's Solaris Bus & Coach.
The stock soared 16.78 per cent to Rs 153.40 at BSE.
On NSE, it jumped 17.28 per cent to Rs 154.
This JV will introduce globally proven European technology for electric vehicle, which is sustainable and affordable, first time in India, the company had said in a BSE filing yesterday.
It added: "The key focus will be towards locally developing indigenous sources for all key aggregates, systems and components catering to domestic and global requirement."
Production of Ecolife will start by the fourth quarter of FY 2016-17 at Kosi, Uttar Pradesh.
JBM Auto had entered into JV agreement with Solaris on July 14.