KKR agreed on 18 March to commit up to $310m to a partnership with Allfleet India and its parent manufacturer PMI Electro Mobility Solutions, acquiring a majority stake in the electric bus operator and a minority stake in PMI Electro.
Why KKR (Global Climate Transition strategy) is buying Allfleet India (majority) and PMI Electro Mobility Solutions (minority)
Neil Arora, head of KKR's climate transition strategy for Asia-Pacific, said transport electrification is a critical pillar of the energy transition and that India is one of the sector's most significant opportunities. PMI Electro chief executive Aanchal Jain called the investment an endorsement of the integrated platform the company has built.
Deal terms and financing
KKR is investing from its Global Climate Transition strategy, the deal being that strategy's first investment in India and its eighth globally. Financial details beyond the commitment of up to $310m were not disclosed.
Regulatory approvals and timing
The transaction is subject to customary regulatory approvals and was expected to close in mid-2026.
Market context
Allfleet develops, owns and operates electric bus fleets under long-term concession and service agreements and is on track to deploy more than 5,000 e-buses. PMI Electro has deployed more than 3,000 electric buses across over 30 Indian cities.
