KKR will commit up to $310 million to form a strategic partnership with Allfleet India Private Limited and PMI Electro Mobility Private Limited to scale Allfleet's electric bus platform and advance PMI Electro's manufacturing capabilities, according to a company statement.

The investment firm will acquire a majority stake in Allfleet and a minority stake in PMI Electro. This represents KKR's first Global Climate Transition investment in India and the eighth investment globally under this strategy.

Established in 2022, Allfleet operates as PMI Electro's electric bus platform, focusing on developing, owning and operating large-scale electric public transport fleets. The company is deploying a fleet of more than 5,000 electric buses under long-term concession and service agreements with multiple state transport authorities across Indian cities.

PMI Electro manufactures electric commercial vehicles in India and offers a portfolio of 7-meter, 9-meter and 12-meter electric buses, along with electric school buses. More than 3,000 PMI electric buses have been deployed across more than 30 cities in India.

"Transport electrification is a critical pillar of the energy transition, and India 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.

Aanchal Jain, CEO of PMI Electro and Director of Allfleet, said the investment marks a milestone in their journey and endorses the integrated electric mobility platform they have built.

Since 2010, KKR has committed more than $44 billion to climate and environmental sustainability investments. The transaction is expected to close in mid-2026, subject to regulatory approvals.