Arjuna Ranatunga collaborates with an e-vehicle company to set up a joint venture in Sri Lanka

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Electric vehicle company Electric One Mobility has teamed up with Sri Lankan cricket legend Arjuna Ranatunga to establish their joint venture (JV) Electric One Lanka Pvt. Ltd. to enter the two-wheeler market in the island country.

The company will establish its JV in more than 50 co-branded retail outlets across the country over the next five years, with the first store expected to be up and running 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 two-wheeler manufacturing process in the next phase.

Both partner companies are aiming for the top 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 in the country’s provinces and each district will have multiple outlets in the next two years.

“Electric One plans to expand its operations to the international markets of Africa, the Middle East and South Asia. In our first international venture, we partnered with Ranatunga, who shares our vision of green mobility. We will announce our partnerships for Nepal, countries in the GCC and some key African markets soon,” said Dhiraj Tripathi, co-founder and COO of Electric One Mobility.

Ranatunga is also in the solar business and has a wide network of branches that will promote, market and distribute Electric One bicycles and scooters, the company said in a statement.

“We have been involved in solar power and mini hydropower for the past few years. The main reason we are going into EVs is to reduce our carbon footprint and provide our future generations with a clean country and a clean world.” Ranatunga said.

The 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 entries in Sri Lanka with Ranatunga are going to shape the way of mobility in Sri Lanka by providing citizens with an affordable mode of transport staff. We are looking forward to reaching a century of stores in Sri Lanka under this JV.”

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