KKR invests $310M in Allfleet and PMI Electro to scale e-bus platform in India
Type: Investment · Technology: Transport, Other · Country: India · Value: $310M · Announced: 2026-03-18
KKR, a global investment firm, has formed a strategic partnership with Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited, committing up to $310 million to scale Allfleet's electric bus (e-bus) platform and enhance PMI Electro's manufacturing capabilities. As part of the deal, KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro, marking KKR’s first Global Climate Transition investment in India. The investment aims to accelerate the deployment of over 5,000 e-buses across India, supporting the country's transition to sustainable public transportation. This transaction underscores growing institutional investor interest in India’s clean mobility infrastructure and electric vehicle ecosystem.
Analysis
KKR committed up to $310 million to acquire a majority stake in Allfleet India Private Limited and a minority stake in PMI Electro Mobility Solutions Private Limited to scale Allfleet's electric bus platform and expand PMI Electro's manufacturing capabilities in India. KKR, a global investment firm with a presence across private markets including infrastructure, made this investment as its first Global Climate Transition investment in India. The transaction, announced on March 18, 2026, targets the deployment of over 5,000 e-buses across India. Allfleet and PMI Electro will use the capital to enhance operations and production capacity in the country's electric mobility sector.
Key points
- $310 million committed by KKR
- Majority stake in Allfleet, minority stake in PMI Electro
- Announced on March 18, 2026
- Targets deployment of over 5,000 e-buses in India
- First Global Climate Transition investment by KKR in India
Counterparties
- KKR (Investor)
- PMI Electro Mobility Solutions Private Limited (Partner)
- Allfleet India Private Limited (Target)