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Electric bus maker PMI Electro Mobility Solutions has secured a strategic funding of ₹250 crore from Piramal Alternatives, the fund management business of the Piramal Group, to accelerate its green mobility initiatives. The investment has been made through the Performing Credit Fund (PCF) in the form of convertible securities. It will be utilized in developing innovative solutions and imbedding technological advancements to PMI's production capabilities.
The company currently has an order book of 2,500 electric buses while 1,200 such buses made by it are already plying across 10 states. These include New Delhi, Uttar Pradesh, Himachal Pradesh, Goa, Maharashtra, West Bengal, Odisha, Gujarat, Kerala and UT of Ladakh.
The company expects that the funding from the Piramal Group will positively impact its growth trajectory. “The investment from Piramal Alternatives will greatly enhance our technological capabilities, and catapult our growth trajectory manifold. We look forward to this long-term partnership," said Aanchal Jain, CEO, PMI Electro Mobility.
The government's PM e-Bus Sewa scheme announced last month is further catapulting the growth of Made-in-India electric buses and increasing their demand. Under this scheme, 10,000 electric buses will be provided to 169 cities under a public-private partnership (PPP) model at an estimated cost of nearly 580 billion rupees or $7 billion for a period of 10 years.
The scheme will also include provisions for development of charging and associated infrastructure facilities for the operation of these buses. “There has been a surge in demand of deployment of electric buses owing to Hon’ble PM’s vision of Net-Zero emissions goals dovetailed with recently announced PM eBus Sewa scheme. 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," Jain added.