Global capital meets India’s electric mobility push as American firm KKR commits $310 million to PMI Electro’s Allfleet, backing large‑scale e‑bus deployment under government schemes.
US-based private equity firm KKR is set to invest up to $310 million in a partnership with Indian electric commercial vehicle manufacturer PMI Electro Mobility Solutions and its e‑bus platform Allfleet India.
The companies announced on Wednesday, March 18, 2026, that KKR will acquire a majority stake in Allfleet and a minority holding in PMI Electro, though financial details were not disclosed.
PMI Electro produces electric buses for commercial use, including 9‑metre, 12‑metre and school models. Allfleet focuses on developing and operating large‑scale electric public transport fleets and is set to deploy more than 5000 e‑buses under agreements with state transport authorities.
The deal is expected to close by mid‑2026, subject to regulatory approvals.
The investment coincides with the government’s PM‑eBus Sewa scheme, which aims to introduce 10,000 electric buses in urban areas under a public‑private partnership model.
The programme has an estimated cost of ₹576.13 billion ($6.23 billion), according to official data. The initiative is intended to expand electric bus services and reduce reliance on conventional fuel‑based transport.
According to a Reuters report, Aanchal Jain, Chief Executive of PMI Electro, said the company would continue to expand responsibly across Indian cities in collaboration with KKR, highlighting the role of clean and efficient public transport in meeting urban mobility needs.
The partnership reflects growing global interest in India’s electric mobility sector, where policy support and private investment are converging to accelerate adoption.
