Electric bus maker PMI Electro Mobility Solutions is planning to raise approx. Rs 250 crore to partially finance the doubling of manufacturing capacity and meet capital requirements.
The doubling of capacity is likely to be completed by early 2025, as PMI is set up to meet its delivery schedules. As part of its expansion plan, the company is setting up a new manufacturing facility in Pune, Maharashtra. On completion, it is expected to add another 3,000 units of capacity annually.
This onging project involves an investment of Rs 150 crore, and the land belongs to BeiqiFoton. In addition, PMI operates the Pune plant as a joint venture (JV) with BeiqiFoton Motors of China.
To date, PMI has an annual manufacturing capacity of 1,500 units, which can be increased to 2,500-3,000 units on multiple shifts, at its Dharuhera plant in Haryana.