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					</table><p><a href="https://pmielectro.com/" target="_blank" rel="noopener">PMI Electro Mobility Solutions</a>, an electric bus manufacturer based in Delhi National Capital Region, has secured a ₹2.5 billion (~$150.29 million) investment from <a href="https://www.piramal.com/businesses/piramal-enterprises/financial-services/piramal-alternatives-pa/" target="_blank" rel="noopener">Piramal Alternatives</a> through the Performing Credit Fund (PCF) in the form of convertible securities to advance green mobility efforts, facilitating innovation, technological integration and business expansion.</p>
<p>PMI’s 2,500 electric bus order book is expected to grow further with the help of the investment from Piramal Alternatives, a mid-market sector-agnostic capital support fund supported by the Piramal Group.</p>
<p>ICICI Securities was the advisor to PMI Electro Mobility for the fundraising.</p>
<p>Aanchal Jain, CEO of PMI Electro Mobility, welcomed the growing demand for electric buses and the recent launch of the PM eBus Sewa program as a contribution to India&#8217;s net-zero emissions goals. He said, “It is a cause we strongly believe in, and it is indeed our privilege to be part of this journey and contribute to the nation’s ambitious target.”</p>
<p>Established in 2017, PMI Electro has an annual production capacity of 1,500 electric commercial vehicles, including three electric buses, which can be expanded to 2,500-3,000 units. The company reported ₹3.8 billion (~$45.69 million) revenue in the last fiscal year, while its parent company, PMI Coaches, has consistently generated revenue of around ₹1 billion (~$12.02 million) annually.</p>
<p>Kalpesh Kikani, CEO of Piramal Alternatives, emphasized the importance of sustainable financing and expressed the company’s commitment to driving green mobility efforts throughout the country. He remarked, “The advent of E-bus for transport, though nascent now, is poised for rapid growth in the coming time. We will keep looking at potential opportunities for investments in the EV space.”</p>
<p>In August, the Union Cabinet <a href="https://www.mercomindia.com/cabinet-program-to-boost-urban-electric-mobility" target="_blank" rel="noopener">approved</a> the ₹576 billion (~$6.9 billion) &#8220;PM-eBus Sewa&#8221; program to deploy 10,000 e-buses in cities with 300,000+ populations, with a focus on enhancing urban mobility, bridging the urban-rural gap, and promoting cleaner, more sustainable transportation.</p>
<p>In 2021, PMI Electro Mobility <a href="https://www.mercomindia.com/pmi-electro-mobility-panasonic-partner" target="_blank" rel="noopener">partnered</a> with Panasonic to establish EV charging infrastructure in 17 Indian cities for more than 1,000 electric buses, reducing charging time to 40 minutes. This initiative aligns with the FAME Phase-II program, which promotes electrification by providing incentives for 7,090 e-buses and supporting the development of 2,877 EV charging stations in 68 cities nationwide.</p>


Electric Bus Manufacturer PMI Secures ₹2.5 Billion Investment from Piramal

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