KKR Forms $310 Million Tie-Up With Indian E-Bus Platform
By Megan Cheah
KKR is planning to commit up to $310 million to a partnership with India's PMI Electro Mobility Solutions, seeking to scale the latter's electric-bus platform.
The U.S. private-equity giant is set to acquire a majority stake in PMI Electro's bus platform Allfleet India as part of the deal, the companies said Wednesday. It will also take a minority interest in the commercial electric-vehicle maker.
The investment is the first India deal made under KKR's global climate transition strategy.
PMI Electro has deployed more than 3,000 electric buses across over 30 cities in India to date. It established Allfleet in 2022 to own and operate large-scale electric public transport fleets.
"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," said Neil Arora, partner and head of KKR's climate transition strategy for Asia-Pacific.
The deal is set to close this year, subject to regulatory approval.
KKR has committed more than $44 billion to climate and environmental sustainability investments since 2010. Other such investments include Australian distributed energy platform CleanPeak and U.K.-based battery storage solutions provider Zenobe.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
March 17, 2026 23:35 ET (03:35 GMT)
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