KKR, a global investment firm, Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited, a manufacturer of electric commercial vehicles in India, has announced the signing of definitive agreements under which KKR-managed funds will commit up to $310 million to form a strategic partnership with Allfleet and PMI Electro to help scale Allfleet’s electric bus (e-bus) platform and further advance PMI Electro’s manufacturing capabilities. As part of the investment, KKR will acquire a majority stake in Allfleet and minority stake in PMI Electro. This marks the first KKR Global Climate Transition investment in India and the strategy’s eighth investment globally, including recent investments in Australia.
Established in 2022, Allfleet (operating through its subsidiaries) is PMI Electro’s e-bus platform, focused on developing, owning and operating large-scale electric public transport fleets. Allfleet is on course to deploy a fleet of more than 5,000 e-
