KKR has pledged up to $310 million to acquire stakes in electric bus platform Allfleet and manufacturer PMI Electro, marking its first climate-focused investment in India. The deal aims to expand electric public transport infrastructure across major Indian cities, with Allfleet targeting deployment of over 5,000 e-buses under long-term agreements. PMI Electro’s manufacturing capabilities will also receive a boost, creating an integrated supply chain from production to operations.

This move aligns with India’s push to decarbonize urban mobility amid rapid urbanization and energy transition demands.