Piramal Alternatives has provided strategic finance totaling Rs 250 cr to PMI Electro Mobility Solutions, a manufacturer of electric buses. According to a statement from PMI Electro Mobility, the recently collected funds will support the company’s efforts to expand its business and address sustainability-related challenges.
According to the statement, the cash will be strategically used to scale the business operations, create novel solutions, and integrate cutting-edge technology into its capacity for manufacturing.
“With an order book of 2,500 buses that is expected to constantly grow going forward, the investment from Piramal Alternatives will greatly enhance our technological capabilities, and catapult our growth trajectory manifold,” Aanchal Jain, CEO at PMI Electro Mobility, said said
As of right now, PMI Electro Mobility is the only firm in India producing all three sizes of E-Buses. They are also in the business of manufacturing, assembling, marketing, and selling electric buses.
“We will keep looking at potential opportunities for investments in the EV space, particularly those that create a long-term positive impact keeping in mind environment, social and governance considerations,” Kalpesh Kikani, CEO of Piramal Alternatives, said.
Currently operating in Uttar Pradesh, Himachal Pradesh, Goa, Maharashtra, West Bengal, Odisha, Gujarat, Kerala, UT of Ladakh, and the nation’s capital, Delhi, are more than 1,200 PMI electric buses, as reported by The Economic Times.
About PMI Electro Mobility Solutions
Aiming to realize the goal of bringing Emission Free Passenger E-mobility Solutions in India, they took note of the deteriorating air quality and the rising emissions of hydrocarbons and carbon monoxide in the atmosphere. Following that, in June 2017, PMI Electro Mobility Solutions Private Limited was established.