New Delhi: JBM Auto has incorporated a wholly owned subsidiary company named ‘JBM EV Ventures Private Limited’, the automaker informed the stock exchanges on Wednesday.

“JBM EV Ventures Private Limited has been incorporated as a wholly owned subsidiary of JBM Auto Limited in India and registered with the Registrar of Companies, NCT of Delhi & Haryana. The Certificate of Incorporation dated 19th February, 2025 has been received on 25th February 2025,” it said.

JBM Auto will hold 100% ownership in the subsidiary, which has been established with an authorised share capital of INR 10 lakh and paid-up share capital of INR 5 lakh. However, the automaker not specify when the new subsidiary will officially begin its operations.

According to the regulatory filing, the newly formed subsidiary’s primary objective will be to provide EV battery services to customers on a subscription basis, along with its leasing and renting.

The subsidiary will focus on the research, development, manufacturing, and sale of advanced battery technologies and related products. Additionally, it will engage in activities that support the adoption and usage of EVs.

The company will also participate in government and private sector initiatives aimed at promoting sustainable transportation, while pursuing any other business activities that align with its interests and benefit its stakeholders.

JBM Auto reported an 8.3% year-on-year (YoY) increase in net profit at INR 52 crore for the October-December 2024 quarter. Its revenue from operations increased 3.7% to INR 1,396 crore as against INR 1,346 crore in the corresponding period of the preceding fiscal.

The company's existing subsidiary, JBM Ecolife Mobility Pvt Ltd, has recently secured an order for 1,021 electric buses under the Government of India's PM e-Bus Sewa Scheme-2 initiative. The total value of the order is approximately INR 5,500 crore.