Arjuna Ranatunga collaborates with electronic vehicle company to set up joint venture in Sri Lanka
The company will set up their JV over 50 co branded retailed outlets across the country in the next five years.
Electric vehicle company Electric One Mobility has partnered with the Sri Lankan cricketing legend Arjuna Ranatunga to set up their joint venture (JV) firm Electric One Lanka Pvt. Ltd. to enter the two-wheeler market in the Island country.
The company will set up its JV over 50 co-branded retailed outlets across the country in the next five years, with the first store expected to be functioning the next month. The JV will invest around USD 5 million over the next three years, starting with the retail and distribution process, followed by the local assembly and the manufacturing process of two-wheelers in the next phase.
Both the partner companies aim for the pole position in the Sri Lankan EV market and will provide strength and synergies to JV for the same. The company aims to have nine outlets 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, the 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 of Electric One Mobility.
Ranatunga is also into the solar energy business and has a vast network of branch offices that will promote, market, and distribute Electric One's bikes and scooters, said the company in a statement.
"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," Ranatunga said.
Founder and CEO of the company, Amit Das stated, "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 are going to shape the way of mobility in Sri Lanka providing citizens with an affordable mode of personal transport. We are looking forward to hitting a century of stores across Sri Lanka under this JV."
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