Electric One Mobility partners with former cricketer Arjuna Ranatunga to set up JV in Sri Lanka
Electric vehicle superstore chain Electric One Mobility has partnered with legendary cricketer Arjuna Ranatunga to set up joint venture firm Electric One Lanka Pvt Ltd to enter the electric two-wheeler market in the island nation, the company said in a statement.
Under the collaboration, for which the two partners have signed an initial pact, the joint venture (JV) will set up over 50 co-branded retail outlets across Sri Lanka in the next five years with the first flagship store expected to be functioning from next month, it said.
The JV will invest about USD 5 million over the next three years, starting with retail and distribution in the first phase, followed by local assembly and manufacturing of the two-wheelers in the second phase, it said.
The JV will derive strength and synergies from both the partner companies to aim for the pole position in the Sri Lankan EV market, it said, adding that it will have nine offices across provinces of the country with each district having multiple outlets in the next two years.
"Electric One plans to expand its operations into international markets of Africa, Middle East and South Asia. On our debut international venture, we are partnering with Ranatunga who shares our vision for green mobility. We will be announcing our partnerships for Nepal, GCC countries, and some key African markets soon," said Dhiraj Tripathi, co-founder and COO, Electric One Mobility Pvt Ltd.
Also Read: NAREDCO to UP govt: Charge simple interest on total land due
Ranatunga, who is also into solar energy business, has a vast network of branch offices that will promote, market and distribute Electric One's bikes and scooters, the company said.
"We have been involved in solar and mini hydros for the last few years. The main reason for us to get into EVs is to reduce carbon footprint and give our future generations a clean country and a clean world," said Ranatunga.
"This JV is going to be a major milestone for both India and Sri Lanka in the EV space. The new innings at Sri Lanka with Ranatunga is going to shape the way of mobility in Sri Lanka providing citizens an affordable mode of personal transport. We are looking forward to hitting a century of stores across Sri Lanka under this JV," said Amit Das, founder and CEO, Electric One Mobility.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.