PMI Electro Mobility Solutions, an electric bus manufacturer, is gearing up for significant expansion as it plans to raise approximately Rs 250 crore to support its growth initiatives. The funds will be utilized to double production capacity and meet the growing demand for electric buses.
The company, known for its electric buses operating in various Indian cities, is in the process of setting up a new manufacturing facility in Pune. This expansion project is expected to require an estimated investment of around Rs 150 crore from PMI’s side.
Currently, PMI Electro Mobility Solutions has an annual manufacturing capacity of 1,500 units at its plant in Dharuhera, Haryana. With the upcoming Pune facility and additional funding, the company aims to increase its annual production capacity significantly. The Pune plant is a joint venture with BeiqiFoton Motors of China, with whom PMI has a technical partnership.
PMI Electro Mobility Solutions is experiencing a surge in demand for its electric buses, with a current order book of 2,500 units to be delivered in the next two to three years. This includes a substantial order from the Delhi government, marking the company’s entry into a metro city market.
The company’s electric buses are already operational in several cities, including Leh, Ladakh, Shimla, Rajkot, Surat, Kerala, Himachal Pradesh, Bhubaneswar, and Uttar Pradesh. Uttar Pradesh is currently its largest market.
PMI Electro Mobility Solutions also sees a significant opportunity in the ‘PM-eBus Sewa’ scheme, which aims to provide 10,000 electric buses to 169 cities through a public-private partnership (PPP) model. The company is keen on participating in this scheme and expanding its presence in the rapidly growing electric bus market.
As PMI Electro Mobility Solutions continues to secure contracts and grow its market share, the additional funds will be instrumental in achieving its expansion goals. The company expects the capacity expansion to be completed by the end of the next year or early 2025, enabling it to meet the increasing demand for electric buses in India.
