Azad India Mobility Limited (formerly Indian Bright Steel Co Limited) has announced approval of a lease agreement for manufacturing facilities in Bengaluru, marking the company’s expansion into electric bus production. The board approved the transaction during a meeting held on September 26, 2025.
The company will lease land, plant, and machinery from Azad Coach Builders Private Limited located at Mysore Road, Seshagirihalli, Bengaluru 562109. The facility spans 8,094 square meters and will be used for manufacturing bus body components, assembling manufactured and imported bus components, and carrying out activities required for building fully functional electric buses.
The lease agreement is structured as a five-year term beginning October 1, 2025, with the possibility of extension through mutual agreement. Azad India Mobility will pay a monthly rent of ₹25.50 lakh plus applicable GST, with a 5% escalation every 12 months. Rental payments are due within seven days after each month.
According to the disclosure, the leased facility is described as a government-approved industrial site designed for electric bus production, with capacity for manufacturing up to 1,500 units annually. The arrangement provides the company with dedicated manufacturing space, legal certainty, and necessary approvals for business expansion in the electric mobility sector.
The facility will allow Azad India Mobility to have uninterrupted access and rights to make infrastructure modifications as needed for operations. The company plans to focus on manufacturing electric buses as part of India’s transition toward green mobility solutions.
The lease agreement has been identified as a related party transaction, as Mr. Bupinder Singh Chadha and Mr. Chamjit Singh Chadha serve as common directors in both entities. The company has stated that the transaction is being conducted on an arm’s length basis.
Strategic Positioning
The lease arrangement forms part of Azad India Mobility’s strategy to establish itself in India’s electric mobility transformation. The company aims to leverage the dedicated manufacturing facility to focus on innovation and large-scale market expansion in the electric bus segment.
The disclosure was made in compliance with Regulation 30 of SEBI Listing Regulations and the SEBI Master Circular dated November 11, 2024. The board meeting commenced at 5:00 p.m. and concluded at 6:45 p.m. on September 26, 2025.