Bus Coach Desk
Mumbai: PMI Electro Mobility Private Limited said global investment firm KKR & Co. Inc. will commit up to USD 310 million in a strategic partnership aimed at scaling electric public transport and strengthening domestic manufacturing capabilities.
The investment, which also involves Allfleet India Private Limited, will see KKR-managed funds acquire a majority stake in Allfleet and a minority stake in PMI Electro, marking a significant milestone in the company’s growth trajectory in India’s fast-expanding electric mobility sector.
PMI Electro, a manufacturer of electric commercial vehicles, said the partnership will enable it to expand production capacity, enhance technology integration, and accelerate deployment of electric buses across Indian cities. The deal also marks KKR’s first investment in India under its Global Climate Transition strategy.
Allfleet, established in 2022 as PMI Electro’s electric bus platform, focuses on developing, owning, and operating large-scale e-bus fleets. The platform is currently on track to deploy more than 5,000 electric buses under long-term concession and service agreements with multiple state transport authorities, catering to urban mobility needs.
The fresh capital infusion is expected to support Allfleet’s expansion while reinforcing PMI Electro’s manufacturing and service ecosystem. The integrated model, spanning manufacturing, fleet ownership, operations and lifecycle management, is aimed at delivering reliable and sustainable public transport solutions.
PMI Electro CEO Aanchal Jain said the investment represents a defining milestone and validates the company’s vision of building a scalable and future-ready electric mobility platform in India.
She noted that as urbanisation accelerates, clean and efficient public transport systems will play a central role in shaping sustainable cities, adding that the partnership aligns institutional capital with domestic manufacturing strength and execution capabilities.
KKR Partner and Head of Climate Transition for Asia Pacific Neil Arora said India presents a significant opportunity in transport electrification, driven by scale, urbanisation and decarbonisation goals. He said the combination of Allfleet’s platform and PMI Electro’s manufacturing expertise offers a differentiated, end-to-end solution in the market.
KKR said the investment will help expand electric bus fleets in collaboration with public transport authorities and support the broader transition to cleaner mobility.
The transaction, subject to regulatory approvals, is expected to be completed by mid-2026.
This investment adds to KKR’s global climate portfolio, under which it has committed over USD 44 billion since 2010 across sectors including transport electrification, renewable energy and energy storage.