Global investment firm KKR plans to invest up to $310 million in India’s electric mobility sector through a strategic partnership with PMI Electro Mobility Solutions and its fleet platform Allfleet India. The investment aims to expand electric bus operations and strengthen sustainable public transport infrastructure across the country. Under the agreement, KKR will acquire a majority stake in Allfleet and take a minority stake in PMI Electro, although the companies did not disclose the ownership terms in detail.
The partnership will support the development and operation of the largest-scale electric bus fleets in collaboration with public transport authorities across Indian cities. PMI Electro manufactures a range of electric commercial buses, including 7-metre and 9-metre models, as well as electric school buses. The company has already deployed more than 3,000 electric buses across more than 30 cities in India, underscoring the growing adoption of electric public transport solutions.
Meanwhile, Allfleet focuses on building and operating large-scale e-bus networks and is expected to deploy more than 5,000 electric buses through agreements with state transport authorities. The investment will help expand the platform’s fleet and strengthen collaboration with cities seeking cleaner transportation options. The deal aligns with the indian government’s PM-eBus Sewa initiative, which aims to introduce 10,000 electric buses across urban areas through a public-private partnership model. The programme is estimated to cost around ₹576.13 billion and is designed to accelerate the shift toward cleaner and more efficient urban mobility.
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An executive from PMI Electro said the partnership would help scale up electric public transport and support India’s transition to sustainable mobility. The transaction is expected to close by mid-2026, subject to regulatory approvals. Industry analysts note that the investment reflects rising global interest in India’s electric mobility sector, particularly in pubic transportation, where electrification can significantly reduce urban pollution and support long-term climate goals.
