American private equity giant KKR announced Wednesday it will commit up to $310 million in a major partnership with Indian electric vehicle companies PMI Electro Mobility Solutions and its bus platform Allfleet India.
The New York-based investment firm plans to secure controlling ownership of Allfleet while taking a smaller ownership position in PMI Electro, though specific ownership percentages were not revealed by the companies.
PMI Electro produces electric commercial buses in various sizes, including 9-meter and 12-meter models as well as school transportation vehicles. Meanwhile, Allfleet specializes in building and managing large-scale electric public transit systems.
Under existing contracts with various state transportation agencies, Allfleet plans to roll out more than 5,000 electric buses across India.
This major investment aligns with India’s ambitious PM-eBus Sewa initiative, which seeks to introduce 10,000 electric buses through public-private partnerships in metropolitan areas. The government program carries an estimated price tag of 576.13 billion rupees, equivalent to approximately $6.23 billion.
“As our cities grow and mobility needs evolve, clean, efficient, and accessible public transport will play a central role in shaping a more sustainable future. Alongside KKR, the company will continue to focus on responsible scale-up and expanding its presence across Indian cities,” stated Aanchal Jain, who serves as CEO of PMI Electro.
The transaction awaits regulatory clearance and is anticipated to finalize by mid-2026, according to both companies.
