India’s largest Electric Vehicle (EV) superstore chain, Electric One signed a Memorandum of Understanding with the legendary cricketer, Arjuna Ranatunga for entering the Sri Lankan two wheeler market through the newly formed Joint venture Company – Electric One Lanka Private Limited.
The MoU was signed on January 21, 2023 at the Press Club of India, New Delhi between Sri Lanka’s Cricket World-cup winning team’s former captain, Arjuna Ranatunga, Chairman, Electric One Lanka Pvt. Ltd. and Founders of Electric One, Amit Das and Dhiraj Tripathi.
Trust Legal represented Electric One in this partnership.
The transaction team consisted of Sudhir Mishra (Founder and Managing Partner) and Simran Gupta (Senior Associate).
The aim of the collaboration is to provide green transport, affordable mobility and reduced carbon footprints in Sri Lanka through exclusive arrangements with Electric One. The joint venture, Electric One Lanka Private Limited will derive strength and synergies from both the partner companies for the pole position in the Sri Lankan EV market.
In the first phase of the Sri Lankan entry, Electric One shall open 50 EV retail outlets as ‘Electric One powered by AR’ in Sri Lanka. The Flagship outlet will start in February 2023 and will have 9 offices across 9 provinces of Sri Lanka and each district will have multiple retailers in the next 2 years.
Electric One which was established in 2020, is one of the fastest growing start-up in electric mobility space with more than 100 stores pan India in 80+ cities.