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KKR to invest $310 million for India focused E-bus platform
Global investment firm KKR is injecting up to $310 million into Allfleet India and PMI Electro Mobility Solutions. This strategic partnership aims to significantly expand electric public transport fleets across India. The investment will bolster Allfleet's operations and enhance PMI Electro's manufacturing capabilities. This move supports India's drive for cleaner urban mobility and decarbonisation.
Global funds KKR has signed definitive agreements to invest up to $310 million to form a strategic partnership with Allfleet India and , in a move aimed at scaling electric public transport infrastructure in India, according to a KKR statement.
As part of the transaction, KKR-managed funds will acquire a majority stake in Allfleet and a minority stake in PMI Electro. The deal marks KKR’s first investment in India under its and its eighth globally.
Founded in 2022, Allfleet operates as PMI Electro’s electric bus (e-bus) platform, focused on developing, owning, and operating large-scale electric public transport fleets. The platform is on track to deploy more than 5,000 e-buses under long-term concession and service agreements with multiple state transport authorities across key Indian cities.
The investment comes at a time when India is accelerating its push towards decarbonisation and cleaner urban mobility. The partnership is expected to strengthen Allfleet’s ability to expand its fleet footprint and deepen collaborations with public transport authorities, while also enhancing PMI Electro’s manufacturing and service capabilities, it said.
“Transport electrification represents a critical pillar of the global energy transition, with India offering one of the most significant growth opportunities due to its scale and urbanisation trends,” said Neil Arora, Partner and Head of Asia Pacific for KKR’s Climate Transition strategy.
He added that the combination of Allfleet’s scalable platform and PMI’s manufacturing expertise provides a differentiated, end-to-end solution in the market.
Aanchal Jain, CEO of PMI Electro and Director at Allfleet, described the investment as a defining milestone that validates the integrated electric mobility platform built by the company. She noted that as Indian cities expand, reliable and sustainable public transport systems will be central to future urban development.
KKR said the investment builds on its broader climate strategy, under which it has committed over $44 billion globally since 2010. Its portfolio includes investments in transport electrification, battery storage, renewable energy, and decarbonisation platforms across markets such as the UK, US, Germany, and Australia.
Other KKR Climate investments have included Zenobe, a UK-based transport electrification and battery storage solutions specialist; CleanPeak, an Australian distributed energy platform; and HMC Capital’s Energy Transition Platform, a battery energy storage and renewable energy generation platform in Australia.
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Source: EconomicTimes
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