KKR Supports India’s Electric Bus Expansion With $310M

Key Moments

Strategic Investment in India’s E-Bus Ecosystem

U.S. private equity firm KKR will commit up to $310 million through a partnership with PMI Electro Mobility Solutions and its electric bus platform Allfleet India, the companies said on Wednesday.

Under the agreed structure, KKR will obtain a majority ownership position in Allfleet India while taking a minority stake in PMI Electro Mobility Solutions. The parties did not provide additional financial or structural details of the transaction.

Company Roles Across the Electric Mobility Value Chain

PMI Electro manufactures electric commercial buses, including 9-meter models, 12-meter models, and school buses. Allfleet India concentrates on the development and operation of large-scale electric public transport fleets.

Allfleet is set to deploy a fleet of more than 5,000 electric buses under contracts with several state transport authorities across India.

Policy Backdrop: PM-eBus Sewa Scheme

The investment aligns with the Indian government’s PM-eBus Sewa scheme, a program designed to expand electric bus services. The scheme targets the deployment of 10,000 electric buses using a Public Private Partnership (PPP) model across urban centers.

According to the scheme’s website, the estimated cost is 576.13 billion rupees ($6.23 billion).

Focus on Sustainable Urban Mobility

Aanchal Jain, CEO of PMI Electro, said in a statement: “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.”

Transaction Timeline and Currency Reference

The companies stated that the deal is expected to be completed in mid-2026, contingent on receiving necessary regulatory approvals.

The article cited an exchange rate of $1 = 92.4640 Indian rupees.

Transaction Snapshot