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Electric One to Form Joint Venture with Sri Lanka for Global Expansion

Opportunity India Desk
Opportunity India Desk Jan 21 2023 - 3 min read
Electric One to Form Joint Venture with Sri Lanka for Global Expansion
This joint venture will invest 40 Cr in the next three years in two phases; retail and distribution in the first phase while local assembly and manufacturing in second phase.

Gurugram based EV selling chain, Electric One, on today signed Memorandum of Understanding with former Sri Lankan Cricketer, Politician and Businessman, Arjuna Ranatunga for entering Sri Lankan two wheeler market. As a result of this, both Arjuna Ranatunga and Electric One have formed a joined venture — Electric One Lanka Pvt. Ltd—to cater the Sri Lankan electric two wheeler market.

This partnership is said to set up more than 50 retail outlets co-branded as ‘Electric One powered by AR’ stores across the Sri Lanka in the next five years. Over the next three years, this joint venture will pump up around 5 million USD (INR 40 Cr) in Sri Lanka. The investment would be done in two phases, retail and distribution in the first phase while local assembly and manufacturing in second phase.

The joint venture was signed in the presence of Arjuna Ranatunga, Chairman, Electric One Lanka Pvt. Ltd., Venkatesh K Rao - CEO & MD, Electric One Lanka Pvt. Ltd., Amit Das - Founder & CEO, and Dhiraj Tripathi - Co-Founder & COO, Electric One Mobility Pvt. Ltd.

The company mentioned that the partnership is aimed to provide an affordable mean of transport to reduce carbon footprint. The Joint Venture will derive strength and synergies from both the partner companies to cater the Sri Lankan EV market. Electric One Lanka Pvt Ltd will start with a flagship outlet in February’23 and will have 9 offices across 9 provinces of Sri Lanka and each district will have multiple retailers in the next 2 years.

Arjuna Ranatunga presented his views while signing this MoU, “In the last couple of years people are struggling with fuel shortage and economic crisis back in the country for which I decided to enter the Electric Vehicle segment. We have been involved in solar & mini hydro power plants for last few years. The main reason for me to get into EV’s is to reduce carbon footprint and give our future generations a clean country and a clean world. It was a pleasure meeting the founders of Electric One and I hope our partnership goes a long way.”

He added that he had been petroleum minister of the country for a long time. Therefore, he understands how important electric vehicles are for the future generations.

Amit Das, Founder & CEO, Electric One Mobility Pvt Ltd stated, “This JV is going to be a major milestone for both India and Sri Lanka in the field of Electric Mobility. The new innings at Sri Lanka with Arjuna is going to shape the way of mobility in Sri Lanka providing citizens an affordable mode of personal transport and a choice to choose from the widest and most versatile range of electric scooters and motorcycles of high quality under one roof. We are looking forward to hitting a century of stores across Sri Lanka under the able guidance of Mr. Arjuna and team sooner and are excited to strengthen our presence with strong after-sales support .“

Dhiraj Tripathi ,Co-Founder and COO said “Electric One plans to expand its operations into international markets of Africa, Middle East and South Asia and it’s a matter of pride that in our debut international venture, we are partnering with Arjuna who shares our vision for green mobility. We will be announcing our partnerships for Nepal, GCC countries, and some key African markets soon.”

 

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