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The objective of this study is to understand and analyze the various technical and non-technical components of the electric buses ecosystem, the role of various stakeholders, various funding mechanism, policy and legal framework, electric buses market, various type of cost associated and with respect to all of this, ultimately a suitable business model that will efficiently integrate all above components for the faster, smoother, barrier-free adoption of electric buses being financially feasible and economic and environmentally sustainable for the city of Thane.