KKR has committed up to $310m to form a strategic partnership with Allfleet and PMI Electro, as the private equity firm expands its climate transition strategy into India.

The transaction will see KKR acquire a majority stake in Allfleet, an electric bus platform, alongside a minority stake in manufacturer PMI Electro.

The investment marks KKR’s first Global Climate Transition investment in India and reflects growing private equity focus on transport electrification and sustainable infrastructure.

Allfleet, established in 2022, develops, owns, and operates electric public transport fleets under long-term concession agreements. The platform is on track to deploy more than 5,000 e-buses across key cities.

“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.

KKR’s investment will support the expansion of Allfleet’s operations and enhance PMI Electro’s manufacturing and service capabilities, strengthening an integrated model spanning production, ownership, and operations.

The partnership is expected to accelerate the rollout of electric buses across Indian cities, supporting the country’s broader decarbonisation goals and urban mobility needs.

The transaction is expected to close in mid-2026, subject to customary regulatory approvals.

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