PMI Electro Mobility Solutions, one of the largest electric bus manufacturers in India has received a strategic investment of Rs 250crore from Piramal Alternatives,the fund management business of the Piramal Groupto bolster its green mobility initiatives.
The investment has been made through the Performing Credit Fund (PCF), a sector-agnostic fund of Piramal Alternatives, that caters to the capital needs of mid-market companies.
Dr. Aanchal Jain, CEO, PMI Electro Mobilitysaid, “There has been a surge in demand of deployment of electric buses owing to the Prime Minister’s vision of net-zero emissions goals dovetailed with recently announced PM eBus Sewa scheme. It is a cause westrongly believe in, and itis indeed our privilege to be part of this journey and contributeto the nation’sambitious target.”
“With an order book of2,500buses that is expected to constantly grow going forward, the investment from Piramal Alternativeswill greatly enhance our technological capabilities,and catapultourgrowth trajectorymanifold. Welookforward to this long-term partnership.”
Kalpesh Kikani, CEO, Piramal Alternatives said,“At Piramal Alternatives, we endeavour to keep sustainable financing at the centre of our investment decisions. Towards that, we are pleased to partner with PMI Electro Mobility in driving green mobility efforts across the country. 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, particularly those that create a long-term positive impact keeping in mind environment, social and governance considerations.”
ICICI Securities was the advisor to PMI Electro Mobility for this fund raise.
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