Global investment firm KKR has signed an agreement with Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited to invest up to $310 million to expand the operation and manufacturing of electric buses in India. Under this deal, funds managed by KKR will buy majority stake in Allfleet and minority stake in PMI Electro. This is KKR’s first climate transition investment in India.
Allfleet was established in 2022. This is the electric bus platform of PMI Electro, which works on running, managing and developing electric buses on a large scale. The company is currently working on a plan to run more than 5,000 e-buses in collaboration with state transport departments in many big cities of India.
E-bus platform will be ready
This investment is happening at a time when India is rapidly moving towards clean energy and less pollution transport system. The money from KKR will help Allfleet expand and strengthen PMI Electro’s manufacturing and service capabilities. According to KKR, the partnership will combine Allfleet’s scale capabilities and PMI Electro’s manufacturing capabilities to create a complete electric mobility solution that includes building, operating and managing buses throughout their life cycle.
Know when the deal will be completed?
Anchal Jain, CEO of PMI Electro, called it an important achievement and said that it will help in making public transport in India better and more reliable. KKR is making this investment through its Global Climate Transition Fund. Since 2010, the company has invested more than $44 billion in environment and climate related projects across the world. This deal is expected to be completed by mid-2026 after getting necessary government approvals.