KKR announced on 18 March 2026 that it will commit up to USD 310 million to form a strategic partnership with Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited to expand an electric bus platform in India. The transaction includes the acquisition of a majority stake in Allfleet and a minority stake in PMI Electro, and is expected to close in mid-2026 subject to regulatory approvals.
The investment will support the scaling of Allfleet’s electric bus operations and strengthen PMI Electro’s manufacturing capabilities. The transaction marks the first investment in India under KKR’s Global Climate Transition strategy and its eighth investment globally.
Allfleet, established in 2022, operates as PMI Electro’s electric bus platform focused on developing, owning, and operating large-scale electric public transport fleets. The platform is on course to deploy more than 5,000 electric buses under long-term concession and service agreements with multiple state transport authorities across several cities.
KKR stated that the investment will support Allfleet’s expansion and its collaboration with public transport authorities to increase electric bus deployment. The platform integrates manufacturing, ownership, operations, and lifecycle support through its association with PMI Electro, which manufactures electric commercial vehicles.
“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,” Arora said.
Aanchal Jain, CEO of PMI Electro and Director at 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.”
Jain added, “PMI Electro’s vision is to create a scalable, reliable, and future-ready ecosystem that can transform public transport in India.”
KKR stated it has committed more than USD 44 billion to climate and environmental sustainability investments since 2010, across sectors including transport electrification, energy platforms, and industrial decarbonisation.
PMI Electro Mobility Solutions Private Limited manufactures electric commercial vehicles, including 7-metre, 9-metre, and 12-metre buses, along with electric school buses. The company has deployed more than 3,000 electric buses across more than 30 cities in India.
