Global investor KKR said it will invest $310 million in PMI Electro to help scale up Allfleet’s electric bus platform Allfleet and further advance PMI Electro’s manufacturing capabilities.
. As part of the investment, KKR will acquire a majority stake in Allfleet and minority stake in PMI Electro. This marks the first KKR global climate transition investment in India and the strategy’s eighth investment globally including recent investments in Australia.
Established in 2022, Allfleet is PMI Electro’s e-bus platform, focused on developing, owning, and operating large-scale electric public transport fleets. Allfleet is on course to deploy a fleet of more than 5,000 e-buses, operating under long-term concession and service agreements with multiple state transport authorities supporting urban mobility needs across key cities, KKR said in a release.
“Transport electrification is a critical pillar of the energy transition, and India – with its scale, urbanization trends, and decarbonization ambitions – represents one of the most significant opportunities for the sector globally,” said Neil Arora, Partner and Head of KKR’s Climate Transition strategy for Asia Pacific.
“The differentiated combination of Allfleet’s proven, scalable platform and PMI’s manufacturing and service expertise stands out as a full-service solution in this market. We look forward to supporting Allfleet’s next phase of growth by working together with PMI and leveraging KKR’s global operational expertise and experience investing across climate transition.” Arora said.
Aanchal Jain, CEO, PMI Electro and Director, Allfleet, said: “This investment by KKR marks a defining milestone in our journey and is a powerful endorsement of the integrated electric mobility platform we have built at Allfleet. PMI Electro’s vision is to create a scalable, reliable, and future-ready ecosystem that can transform public transport in India. 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.”
Since 2010, KKR has committed more than $44 billion to climate and environmental sustainability investments. Other KKR Climate investments have included Zenobē, a UK-based transport electrification and battery storage solutions specialist; CleanPeak, an Australian distributed energy platform; HMC Capital’s Energy Transition Platform, a battery energy storage and renewable energy generation platform in Australia among others.