Pune: Electric bus maker PMI Electro Mobility Solutions said on Wednesday that it has secured a strategic funding of Rs 250 crore from Piramal Alternatives, the fund management business of the Piramal Group to bolster its green mobility initiatives.
At present the company has an order book of 2,500 buses while more than 1,200 buses manufactured by it are plying in 10 states in the country. These are Delhi, Uttar Pradesh, Himachal Pradesh, Goa, Maharashtra, West Bengal, Odisha, Gujarat, Kerala, UT of Ladakh, helping to reduce carbon emissions and drive India’s sustainability agenda.
The company expects that the funding from the Piramal Group will expand 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 at PMI Electro Mobility.
He said the company plans to strategically utilise these funds in developing innovative solutions, bring technological advancements to its production capabilities and scale its operations.
The government’s PM e-Bus Seva 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 or PPP model at an estimated cost of nearly Rs 580 billion or $7 billion for a period of 10 years.
This scheme will also include provision for development of charging infrastructure facilities for the operation of buses.
“There has been a surge in demand for deployment of electric buses owing to the PM’s vision of net-zero emissions goals dovetailed with recently announced PM eBus Sewa scheme,” Jain pointed out.
