PMI Electro Mobility Solutions, one of India's leading electric bus manufacturers, has secured a substantial investment of INR 250 crore from Piramal Alternatives, the fund management division of the Piramal Group. This strategic funding aims to bolster PMI's electric vehicle (EV) manufacturing capabilities, enabling the company to meet the surging demand for sustainable mobility solutions in India.
The investment, facilitated through Piramal’s Performing Credit Fund, will empower PMI to enhance its technological infrastructure and expand its operational capacity. PMI CEO Aanchal Jain expressed optimism about the future of electric mobility, emphasizing that the investment would fuel innovation, streamline production, and strengthen the company’s competitive edge in the growing EV sector. Jain highlighted that this funding comes at a critical time when India’s transportation sector is undergoing a major shift towards sustainability and clean energy.
The rising demand for electric buses in India is driven by the government's commitment to achieving net-zero emissions and initiatives like the PM eBus Sewa scheme, which aims to deploy thousands of electric buses across the country. PMI currently operates over 1,200 electric buses across 10 states, including Delhi, Uttar Pradesh, and Maharashtra, and boasts an impressive order book of 2,500 buses. The company’s electric buses have contributed significantly to reducing urban pollution and enhancing eco-friendly public transportation.
In line with its expansion strategy, PMI is establishing a new manufacturing facility in Pune, in collaboration with Beiqi Foton Motors of China. This state-of-the-art plant will add an annual production capacity of 3,000 units, complementing PMI’s existing facility in Dharuhera, Haryana. The Pune facility is expected to create numerous employment opportunities and foster innovation in the EV sector through advanced manufacturing practices and cutting-edge technology.
The infusion of funds from Piramal Alternatives marks a significant milestone for PMI, reinforcing its commitment to driving green mobility solutions in India. As the country accelerates its transition to sustainable transportation, PMI's enhanced manufacturing capabilities and innovative solutions will play a crucial role in shaping the future of electric mobility. Additionally, PMI plans to invest in research and development to design cost-effective and energy-efficient electric buses, making sustainable transportation more accessible and affordable for urban and rural areas alike.
This investment not only strengthens PMI’s market position but also aligns with India’s broader goal of reducing carbon emissions and promoting eco-friendly transportation solutions. As PMI continues to innovate and expand, its efforts will contribute significantly to India’s green mobility revolution, making electric buses a cornerstone of the country’s public transport system.
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