KKR announced it has committed up to $310 million to form a strategic partnership with Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited to scale an electric bus platform in India. The investment will see KKR acquire a majority stake in Allfleet and a minority stake in PMI Electro, marking the firm’s first Global Climate Transition investment in India.
Allfleet, established in 2022 as PMI Electro’s electric bus platform, focuses on developing, owning, and operating large-scale electric public transport fleets. The company is on track to deploy more than 5,000 electric buses under long-term concession and service agreements with multiple state transport authorities across major Indian cities.
The partnership is designed to accelerate the expansion of electric public transportation in India as the country pushes toward decarbonization and cleaner urban mobility. KKR’s investment will support Allfleet’s growth, strengthen collaboration with public transport authorities, and enhance PMI Electro’s manufacturing capabilities. PMI Electro has already deployed more than 3,000 electric buses across over 30 cities in India.
The collaboration brings together manufacturing, fleet ownership, operations, and lifecycle support into an integrated platform aimed at scaling electric mobility solutions nationwide. The transaction is expected to close in mid-2026, subject to regulatory approvals.
KKR is making the investment through its Global Climate Transition strategy, which has committed more than $44 billion toward climate and sustainability initiatives since 2010. This deal represents the strategy’s eighth global investment.
KEY QUOTES:
“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. 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. We look forward to supporting Allfleet’s next phase of growth by working together with PMI and leveraging KKR’s global operational expertise and experience investing across climate transition.”
Neil Arora, Partner And Head Of KKR’s Climate Transition Strategy For Asia Pacific
“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. PMI Electro’s vision is to create a scalable, reliable, and future-ready ecosystem that can transform public transport in India. As our cities grow and mobility needs evolve, clean, efficient, and accessible public transport will play a central role in shaping a more sustainable future. Alongside KKR, the company will continue to focus on responsible scale-up and expanding its presence across Indian cities. This collaboration reflects the alignment of institutional capital, Indian manufacturing capabilities, and on-ground execution in delivering mobility solutions of national relevance.”
Aanchal Jain, CEO Of PMI Electro And Director Of Allfleet
