New Delhi: JBM Auto on Tuesday said it will invest Rs 300 crore for development and manufacturing of electric and hybrid buses in India through its joint venture with Poland's Solaris Bus & Coach.
This JV will introduce globally proven European technology for electric vehicle, which is sustainable and affordable, first time in India, the auto component manufacturer said in a filing to the BSE.
"The key focus will be towards locally developing indigenous sources for all key aggregates, systems and components catering to domestic and global requirement," it added.
Production of Ecolife will start by the fourth quarter of FY 2016-17 at Kosi, Uttar Pradesh.
"JBM Solaris shall further work towards indigenously bringing in the complete range of buses in further phases", the company added.
JBM Auto had entered into a joint venture agreement on July 14, 2016 with Solaris Bus & Coach S.A., Poland.
Earlier this year in February at the Auto Expo, JBM Auto had unveiled a fully electric bus 'Ecolife', which was developed in partnership Solaris Bus & Coach.
The Ecolife is to be manufactured in India using Solaris's technology. The vehicle will be powered by lithium batteries and runs 150-200 km in 10-15 hours of city bus operation.
Once it gets into commercial production, Ecolife will be the second indigenous mass public transport product from JBM Group, the company had then said.
Solaris Bus & Coach is one of the major producers of city, intercity and special-purpose buses as well as low-floor trams in Europe.
It started production in 1996 and has sold over 14,000 vehicles across 30 countries. It has a factory at Bolechowo near Poznan.