Azad India Mobility is an electric-bus maker that was born from a steel-company shell when the founders of the Azad Group - a family with six decades in bus-body building - acquired a listed entity with no operations and turned it into a pure-play EV manufacturer. The company was originally incorporated in 1960 as Indian Bright Steel Co Ltd, but by 2023 it had no revenue and a single employee; the Chadha family bought control, rewrote the company’s purpose to electric buses and coaches, and renamed it in 2024. The recurring approach is to use the group’s deep bus-manufacturing know-how - including a history of working with Volvo on technology transfer - to build application-specific electric buses for India’s state transport undertakings, while leaning on a related-party ecosystem for land, plant and working capital. # Business segments A single engine at the start of its journey - an electric-bus manufacturer scaling from its first deliveries toward a multi-vehicle platform, built on a family group’s six decades of bus-body expertise. ## 1. Electric buses: a pure-play bet on India’s public-fleet electrification **The company makes and sells electric buses to state transport bodies that are replacing diesel fleets under government mandates - it is a tender-driven manufacturing business with a related-party supply chain that provides the factory, the working capital and the OEM licence.** - **Wins public tenders from state bus operators** - its customers are State Transport Undertakings (STUs) across India, which buy electric buses through competitive bidding to meet fleet-electrification targets under schemes like the PM E-Bus Sewa Scheme (10,000 e-buses for Tier-2 and Tier-3 cities) and the National Electric Bus Program (50,000 e-buses by 2030). - **Application-specific models, not a generic bus** - the company has rolled out distinct e-bus designs for city, intercity and airport use, and in May 2025 delivered its first batch of 12 EV Luxury Buses from its production unit. - **The factory is leased from a sister concern** - in September 2025 the company signed a five-year lease with Azad Coach Builders Private Limited for an 8,094 sq-metre site in Bengaluru with capacity for up to 1,500 units annually, paying Rs. 25.50 lakhs per month plus GST, so it controls a ready manufacturing base without owning the real estate. - **The OEM licence came through an acquisition** - it bought a 71% stake in NAE Mobility Private Limited in October 2024 (and the remaining 29% in March 2025) specifically to use NAE Mobility’s OEM licence, which is what allows it to manufacture electric vehicles and bodies. - **Early on-road evidence is building** - one of its 12.5-metre electric buses deployed in inter-city operations crossed 1,00,000 kilometres of running by December 2025, with data showing improved ride comfort, lower noise and better reliability than diesel equivalents. # Group structure and partners **The listed company is the manufacturing face of a family-run bus-building group; its factory, working capital and management come from entities controlled by the same two directors.** - **Azad Coach Builders Private Limited is the operational backbone** - it is engaged in the same business of manufacturing electric buses and coaches and acts as a crucial supply-chain partner, providing working capital, setting up facilities, and procuring land and machinery. - **NAE Mobility Private Limited is the wholly owned subsidiary that holds the OEM licence** - incorporated in August 2022, it had not commenced business as of late 2024, but its licence is what enables Azad India Mobility to manufacture electric vehicles. - **The group’s bus-building lineage goes back to 1957** - Mr. Bupinder Singh Chadha founded Azad Coach Builders Private Limited that year at age 21 to manufacture bus bodies, later set up plants across India and abroad in collaboration with governments, and worked jointly with Volvo Buses on technology transfer.