Haryana - PMI Electro Mobility., an electric bus manufacturer, will provide 250 electric buses to Brihan Mumbai Electric Supply & Transport Undertaking (BEST), which manages Mumbai's bus services, in phases by the end of Q2 FY26.
The company stated that the air-conditioned buses will operate under the Gross Cost Contract (GCC) model, where the manufacturer retains ownership of the buses, while BEST covers the operational costs.
Under this model, BEST will also handle ticket revenue collection and provide conductors for the buses. Under the GCC model, operators like BEST pay manufacturers a pre-determined per-kilometer fee, finalized through a competitive bidding process.
PMI Electro currently operates 144 electric buses in Nagpur, making Mumbai its second operational hub in Maharashtra. The company has delivered over 1,700 electric buses nationwide.
This deal is also set against the backdrop of the Union government's introduction of a Payment Security Mechanism (PSM) for electric bus manufacturers, designed to ensure that payment dues are efficiently settled by state or municipal transport undertakings.
The PM e-Bus Sewa-PSM, which was notified on October 28 of this year, has an allocated budget of ₹3,435.33 crore. This initiative aims to support the deployment of more than 38,000 electric buses across the country, according to the Ministry of Heavy Industries.
The electrification of public transport has gained momentum following the launch of these Union government schemes. In a related development, PMI Electro Mobility's competitor, JBM Ecolife Mobility Pvt Ltd, secured $100 million in funding for the production of electric buses.
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