KKR & Co. Inc.(KKR), a major investment company, Allfleet India Private Limited, and PMI Electro Mobility Solutions Private Limited, an Indian electric commercial vehicle maker, said on Wednesday that they have inked deals under which KKR-managed funds will commit up to $310 million to form a strategic partnership.
KKR's partnership with Allfleet and PMI Electro aims to scale Allfleet's electric bus platform and further boost PMI Electro's manufacturing capabilities. As part of the investment, KKR will buy a majority stake in Allfleet and a minority stake in PMI Electro.
Neil Arora, Partner and Head of KKR's Climate Transition strategy for Asia Pacific, said: "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 transaction is expected to be closed in mid-2026.
Founded in 2022, Allfleet is PMI Electro's e-bus platform, which develops, owns, and operates large-scale electric public transport fleets.
Allfleet is on course to deploy a fleet of over 5,000 e-buses.
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