KKR to Invest Rs 25.42 bn in PMI Electro for Allfleet Expansion

20 Mar 2026 CW Team

KKR will invest Rs 25.42 billion (bn) in PMI Electro to expand the Allfleet electric bus platform, the private equity firm said. The investment is aimed at scaling the operation of the platform, accelerating production and enlarging fleet deployment across urban and intercity routes. PMI Electro is expected to use the capital to strengthen its manufacturing and service capabilities. The backer plans to support product development and operational expansion without disclosing a timeline.\n\nThe funds will be allocated to broaden the platform's technology stack, enhance battery integration and expand charging infrastructure to support larger fleets. Management expects the capital to help shorten delivery cycles and improve aftersales services for operators. The expansion will also focus on software and fleet management systems to optimise route planning and energy use. The funding may enable strategic partnerships with city transport authorities and private operators to pilot expanded services.\n\nThe move follows rising demand for electric public transport solutions as cities pursue cleaner mobility and operators seek total cost of ownership benefits. Investors have increasingly targeted climate aligned transport assets, seeing opportunities in electrification of mass transit. The capital infusion is likely to accelerate adoption by addressing supply chain constraints and by enabling larger scale procurement. Improved domestic manufacturing scale can reduce costs and increase reliability for long term operations.\n\nFor PMI Electro, the backing from a global private equity firm could bolster credibility with fleet operators and component suppliers. Company executives are expected to prioritise workforce training and local supplier development to support scaled manufacturing and maintenance operations. The transaction will proceed subject to customary approvals and closing conditions. Backers anticipate that expanded production lines will create indirect work across the supply chain and contribute to local economic activity.

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10 Apr 2026

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