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Business News/ News / India/  Piramal Alternatives invests 250 crore in electric-bus maker
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Piramal Alternatives invests ₹250 crore in electric-bus maker

The investment came in the form of convertible securities from its Performing Credit Fund

PMI Electro Mobility’s chief executive Aanchal Jain said there has been a surge in demand for electric buses thanks to India's net-zero emissions target and the recently announced PM eBus Sewa scheme (Photo: HT)Premium
PMI Electro Mobility’s chief executive Aanchal Jain said there has been a surge in demand for electric buses thanks to India's net-zero emissions target and the recently announced PM eBus Sewa scheme (Photo: HT)

PMI Electro Mobility Solutions Pvt Ltd, a manufacturer of electric buses, announced on Wednesday that it has raised 250 crore from Piramal Alternatives, the fund-management arm of the Piramal Group, to bolster its green mobility initiatives.

Piramal Alternatives made the investment from its Performing Credit Fund (PCF), a sector-agnostic vehicle that caters to the capital needs of companies operating in the mid-market segment. The investment was made in the form of convertible securities. ICICI Securities was the advisor to PMI Electro Mobility for this fundraise.

PMI plans to use the funds to develop innovative solutions, bring technological advancements to its production capabilities, and scale its operations, the company said in a statement.

PMI Electro Mobility’s chief executive Aanchal Jain said there has been a surge in demand for electric buses thanks to India's net-zero emissions target and the recently announced PM eBus Sewa scheme.

Set up in 2017, PMI Electro Mobility has made 1,200 buses that currently operate across New Delhi, Uttar Pradesh, Himachal Pradesh, Goa, Maharashtra, West Bengal, Odisha, Gujarat, Kerala and Ladakh.

“With an order book of 2,500 buses that is expected to grow, the investment from Piramal Alternatives will greatly enhance our technological capabilities and our growth trajectory," Jain added.

Piramal Alternatives currently has a total of $1.5 billion in assets under management. Indian companies that it recently invested in include specialty chemicals firm Harmony Organics, precision engineering company Azad Engineering, and hospitality firm Impresario Entertainment.

“The use of electric buses 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 while keeping in mind environment, social and governance considerations," said Kalpesh Kikani, chief executive officer of Piramal Alternatives.

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Published: 25 Oct 2023, 02:15 PM IST
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