KKR announced it will commit up to $310 million to form a strategic partnership with Allfleet India Private Limited and PMI Electro Mobility Solutions Private Limited to scale electric bus operations in India. The investment represents KKR's first Global Climate Transition investment in India.

Under the definitive agreements, KKR-managed funds will acquire a majority stake in Allfleet and a minority stake in PMI Electro. Allfleet, established in 2022 as PMI Electro's electric bus platform, operates through subsidiaries to develop, own and operate large-scale electric public transport fleets.

Allfleet currently plans to deploy more than 5,000 electric buses operating under long-term concession and service agreements with multiple state transport authorities across key cities. PMI Electro manufactures electric commercial vehicles in India and has deployed more than 3,000 electric buses across more than 30 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.

Aanchal Jain, CEO of PMI Electro and Director of Allfleet, said the investment marks "a defining milestone in our journey and is a powerful endorsement of the integrated electric mobility platform we have built at Allfleet."

The transaction marks KKR's eighth Global Climate Transition investment globally. 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 customary regulatory approvals.

KKR (NYSE: KKR) is making the investment from its Global Climate Transition strategy, according to the press release statement.