"PMI Electro Mobility Secures ₹250 Crore Investment from Piramal Alternatives"

Electric bus manufacturer PMI Electro Mobility Solutions has successfully secured a substantial investment of ₹250 crore from Piramal Alternatives, the fund management arm of the Piramal Group. This funding injection is aimed at furthering the company's commitment to green mobility initiatives.

Piramal Alternatives, an agnostic fund specializing in serving the capital requirements of mid-market enterprises, made its maiden investment from the Piramal Capital Fund (PCF) in the form of convertible securities. The capital infusion is slated for a range of purposes, including the development of innovative solutions, technological advancements in production capabilities, and the expansion of operational activities.

Aanchal Jain, the CEO of PMI Electro Mobility, expressed enthusiasm about this new partnership, stating, "There has been a surge in demand for the deployment of electric buses owing to the PM's vision of net-zero emissions goals. With an order book of 2,500 buses that is expected to constantly grow going forward, the investment will greatly enhance our technological capabilities and catapult our growth trajectory manifold. We look forward to this long-term partnership."

The electric bus sector is currently in its early stages but is poised for rapid growth in the near future. According to Kalpesh Kikani, CEO of Piramal Alternatives, "We will keep looking at potential opportunities for investments in the EV space, particularly those that create a long-term positive impact."

ICICI Securities served as the advisor to PMI Electro Mobility for this funding effort, facilitating the transaction that promises to contribute significantly to the advancement of electric mobility in India.

HBL