Piramal Alternatives finances the production of electric buses with 250 crore

 Piramal Alternatives finances the production of electric buses with 250 crore

A maker of electric buses, PMI Electro Mobility Solutions Pvt Ltd, revealed on Wednesday that it has secured $250 crore from Piramal Alternatives, the Piramal Group's fund-management division, to support its green mobility projects.

The investment was made by Piramal Alternatives via its Performing Credit Fund (PCF), a vehicle independent of industry that meets the capital requirements of mid-market businesses. Convertible securities were used for the investment. For this fundraising effort, PMI Electro Mobility received advice from ICICI Securities.

According to a statement from PMI, the money will be used to scale up operations, create novel solutions, and improve manufacturing capacities via technology.

Aanchal Jain, chief executive of PMI Electro Mobility, said that the recent announcement of PM eBus Sewa and India's net-zero emissions objective had both increased demand for electric buses.

With 1,200 buses now operating in New Delhi, Uttar Pradesh, Himachal Pradesh, Goa, Maharashtra, West Bengal, Odisha, Gujarat, Kerala, and Ladakh, PMI Electro Mobility, a company founded in 2017, has produced 1,200 buses.

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

Currently, Piramal Alternatives is in charge of $1.5 billion in assets. It recently made investments in a number of Indian businesses, including the specialty chemical company Harmony Organics, the engineering firm Azad Engineering, and the hotel company Impresario Entertainment.

"Although still in its infancy, the usage of electric buses for transportation is expected to rise rapidly in the near future. The chief executive officer of Piramal Alternatives, Kalpesh Kikani, said, "We will continue to examine possible possibilities for investments in the EV industry, especially those that produce a long-term beneficial effect while taking into account ecological, social, and governance factors.