India: Electric Mobility Financing Project (AIIB-000939)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Maharashtra
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 25, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
TBC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 49.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 185.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS Aug 18, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the objective of this project is to support a shift to electric mobility, to reduce carbon emissions and improve air quality in selected provinces of the state of Maharashtra, India.

The project involves financing the procurement, operation and maintenance of electric buses as well as the development of associated infrastructure including charging stations and bus depots in the state of Maharashtra.

The Borrowers have been awarded concessions by Convergence Energy Services Limited as part of the PM-eBus Sewa Scheme, to operate under the "Gross Cost Contract" Model.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Given the nature and scope of the project activities, ADB has categorized the ES risks of the project as Category B for Environment, B for Involuntary Resettlement and C for Indigenous Peoples (which are equivalent to Category B if AIIB’s ESP were applicable). The proposed Project will have (i) general ES impacts and risks of the Project which are minor and localized, (ii) impacts which are expected to be reversible and temporary in nature, and (iii) impacts which can be effectively managed using practical and mature mitigation measures.

Land for the depot, electricity connections and power supply will be provided by the Public Transport Authority (PTA) and Lenders funds will not be used for any depot construction activities, except for minor civil works to install charging infrastructure. However, depots are part of the project components. While the locations of the depots are known, all these have not been subjected to due diligence. As such, developed EARF will cover identified and future depots and additionally, in compliance with ADB’s SPS on Involuntary Resettlement, a resettlement framework (RF) has been developed to anticipate potential involuntary resettlement impacts of the depot land allocation for the project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Estimated Project Cost: USD185 million.
AIIB’s senior secured loan up to USD49 million.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

CONTACT INFORMATION

PROJECT TEAM LEADER

Asian Infrastructure Investment Bank
Amit Kumar - Senior Investment Officer
srahman@acwapower.com

ADB
Japnit Kaur - Senior Investment Officer
jkaur@adb.org

IFC
Ankur Sood - Senior Investment Officer
asood5@ifc.org

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

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How it works