"KKR-managed funds have signed definitive agreements to commit up to $310 million to form a strategic partnership with Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited, with the transaction structured to support the expansion of Allfleet's electric bus platform and PMI Electro's manufacturing capabilities."
"PMI Electro Mobility Solutions recorded 1,041 electric bus registrations in India in 2025, up from 534 units in 2024. The company's market share rose from 14.3% to 23.4% over the same period, positioning PMI Electro among the leading players in a market that reached 4,441 total registrations in 2025."
"Established in 2022, Allfleet operates through subsidiaries as PMI Electro's electric bus platform, with activities focused on the development, ownership and operation of large-scale electric public transport fleets. The company is on course to deploy more than 5,000 electric buses under long-term concession and service agreements with multiple state transport authorities."
KKR-managed funds have signed definitive agreements to invest up to $310 million in a strategic partnership with Allfleet India and PMI Electro Mobility Solutions. KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro. This marks KKR's first Global Climate Transition investment in India and eighth globally. PMI Electro recorded 1,041 electric bus registrations in 2025, increasing market share from 14.3% to 23.4%, positioning it among India's top three manufacturers. Allfleet, established in 2022, operates as PMI Electro's electric bus platform and plans to deploy over 5,000 electric buses through long-term agreements with state transport authorities. The transaction is expected to close mid-2026 pending regulatory approvals.
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