Search: PMI Electro

Bengaluru Metropolitan Transport Corporation's failure to issue work orders for 4,500 electric buses under the PM E-DRIVE scheme has prompted six states and cities to request 4,220 additional buses, including 2,000 from Andhra Pradesh, 600 from Hyderabad, 500 from Surat, 900 from Rajasthan, 200 from Jammu and Kashmir, and 20 from Meghalaya. Despite the Centre completing the tender process in December 2025 and finalising bids with Greencell Mobility, Chartered Speed, and PMI Electro as lowest bidders, BMTC still awaits Karnataka Cabinet approval to issue Letters of Award. Moneycontrol reports the Union Ministry of Heavy Industries may reallocate Bengaluru's sanctioned fleet if delays continue.

Why it matters: The impasse demonstrates how state level approval bottlenecks can jeopardise large scale e-bus procurements, potentially shifting 4,500 units worth of manufacturing and deployment contracts to competing jurisdictions. Operators and OEMs tracking India's PM E-DRIVE pipeline face uncertainty over whether Karnataka's allocation will proceed or be redistributed among the six requesting states.

Global private equity firm KKR will invest $310 million in PMI Electro to expand its Allfleet electric bus platform and manufacturing capabilities, marking KKR's first climate transition investment in India. KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro, which has deployed more than 3,000 electric buses across over 30 Indian cities since its 2017 founding. Allfleet plans to deploy more than 5,000 electric buses under long term concession and service agreements with state transport authorities.

Why it matters: The deal signals major institutional capital flowing into Indian electric bus infrastructure, creating procurement opportunities as Allfleet scales its fleet operations with state transport authorities. For charging point operators, the planned deployment of over 5,000 buses will require substantial depot charging infrastructure across multiple cities.

Electric buses accounted for 4.5% of total bus sales in India during FY26 to 16 February, up from 3.5% in FY25, with 4,158 electric units sold out of 91,574 total buses, according to Vahan data reported by Financial Express. PMI Electro Mobility Solutions led sales with 1,006 units, followed by Switch Mobility with 879, Olectra Greentech with 853 and JBM Auto with 817. Around 1,000 electric buses have been deployed since 1 January across Delhi, Assam, Maharashtra, Gujarat and Odisha, with Delhi adding 500 buses on 9 February in one of the largest single day fleet expansions, driven by the FAME II and PM e-Bus Sewa Scheme.

Why it matters: The data confirms that central government procurement schemes are translating into measurable market growth and creating predictable demand for OEMs and charging infrastructure providers. The concentration of sales among four suppliers and the pace of state level rollouts signal where near term charging tenders and depot electrification work will emerge.