Shares of JBM Auto Ltd. gained as much as 4% on Monday after the company informed the exchanges that its subsidiary JBM Electric Vehicles Pvt. Ltd. has signed an agreement with MUON India, a Macquarie Group company.

Under this agreement, JBM intends to deploy over 2,000 electric buses with MUON’s, over the next couple of years.

Based on the agreement, JBM had received an initial order for 43 buses in April, 2024, and started to deliver the buses within just one month from the date of the order. Moreover, the company has successfully been able to complete the delivery by June 10, 2024.

Macquarie Group has launched an EV financing platform for India called ‘Vertelo’, which will offer Financing, Fleet Management and Charging Infrastructure Solutions.

In a conversation with CNBC-TV18, the company’s Vice Chairman and Managing Director Nishant Arya said that JBM Auto is targeting revenue of ₹3,000 crore from its electric vehicles (EV) business for the current financial year (FY25) from ₹1,750 crore in FY24.

Arya said the company is looking to deliver about 2,500 electric buses this year.

Arya said there are currently no plans to list the EV business or bring in a strategic investor in the business.

Shares of JBM Auto settled 3.62% higher at ₹2,098. The stock has risen 30% so far this year and is up 130 over the last 12 months.